Forex Trading News
- The EUR/GBP has consolidated nicely below the 0.8800/10 level since breaking lower last night and if we can now break below the 0.8700 level we should retest support at 0.8650 on our way to an eventual move to 0.8400 if not lower.
- It is also worth mentioning that the 0.8700 region has added significance as that is where the 100 day moving average comes in.
- You will notice from the daily chart that i have attached that last time we tested the 100 day MA we managed a nice 500 point bounce, and lets not forget they are Sterling points, not those tiny USD points!
- Do not be surprised to see early London take it back towards 0.8780/00, this should be seen as an opportunity to add to shorts with a stop left above 0.8830.