Can it stay below 200 hour MA on corrective move now?
The EURGBP tumbled after the more hawkish comments from BOE Carney. However, the fall took the price down to support defined by some swing low seen over the last 6 trading days at 0.8770. The low today reached 0.8771 on two separate tests today. HMMMM Buyers?
If the sellers are to show their strength, I would like to see the 200 hour MA at 0.87964 (give it up to 0.8800) hold on the correction now. Yesterday, the price bottomed against this level and shot higher. Today the price came down to the level, broke through it on the way to the support at the 0.8770 level. If the sellers are to keep firm control, there should be sellers against the area. If not, there should be more covering interest on the failure to stay under the broken MA level AND the inability to move below the floor area at 0.8770.
