Down on the day but the correction is modest
The EURGBP has been up on 9 of the last 11 days. Today, the pair so far has a lower high from Friday and is trading lower on the day (Friday closed at 0.9252). The pair is trading at 0.9244.
However, if you measure the move up from Thursday's low (only from last Thursday), the correction has retraced 50% to 0.9229. That is now much especially when you consider the trend higher.
So if the sellers are trying to take control, they have more work to do and prove that they can take back more control.
What would that look like?
The first step would be to get below the 50% of that tiny move higher at 0.9229.
A bigger step would be to get and stay below the 100 hour MA (blue line in the chart above) and the broken trend line (see all the red circled numbers). The 100 hour MA comes in at 0.9213. The trend line cuts across a couple pips lower at 0.9211.
Until those steps are taken, the price may be down on the day (and staying below 0.9252 will be eyed for clues), but are the sellers taking control? Maybe a little, but not a lot just yet.
