It was a failed peek
The EURGBP moved below a trend line and the 100 hour MA today (kind of reluctantly) and extended down and through the 200 hour MA as well at 0.8800. The low reached 0.87976, That "peek" below the 200 hour MA was the first look since May 8th and should have solicited more selling. It did not. The 3 pips was simply not enough. So sellers turned around and are forcing the price back higher.
We are currently trading back near the 100 hour MA at 0.88207. Traders will now be watching if the slight tilt to the downside can find sellers on the correction. If so, we could see another run at the 200 hour MA below.
Alternatively, if the 100 hour MA is broken and stay broken, the pair can run higher as sellers are not satisfied...
Key test of the 100 hour MA.
