Low risk dip buyers not a success. Sellers in control
In an earlier post (CLICK HERE), I expected low risk dip buyers to lean in the 1.37415 to 1.37582 area. Well, the dip buyers could not stall the fall and the price has now broken below that swing area.
Sellers are in full control. Risk now is a move back above the 1.37582 area.
The EURGBP continues to be the tail that wags the dog (i.e. the GBPUSD). Looking at it's hourly chart below, it has now moved through aforementioned resistance between 0.8640 and 0.86449, and test the 61.8% retracement of the move down from the February 26 line at 0.86547. Buyers in control there which is helping to weaken the GBPUSD in the process.
