Impact pair of the day
The EURGBP continues to be an impact pair of the day today. The pair was offered into the NY session, found support at the the 0.7243 area and has been riding higher since then. The bounce has corresponded with a lift higher in the EURUSD. The dynamics can cause moves vs. the USD to zig and zag as a result of traders hedging exposure with the volatile moves.
I will say, however, that in an earlier post the 100 hour MA was earmarked as a level to stay below. I also warned about the EURGBP. In the move back higher, the 100 hour MA was broken again - this time to the upside - and the correction, did hold that MA level. So the pattern continues, with the EURGBP being a catalyst at the same time. Tricking trading folks......
