EURGBP - signals switching to temporarily bearish
​Tuesday's bullish call was confirmed to a degree with EURGBP being bought to the most positive levels traded for 8 weeks. But our first target was missed by 2 pips as profit taking developed at overbought extremes. The result was a minor decline but it is the upside failure that suggest that this counter trend reactive move is incomplete. With this as the backdrop, but with caution due to the proximity of Monday's Marabuzo line, this morning's call is a Sell but leaving room to Sell any Rally to .8637. The risk is .8662 with an immediate target of .8599. A move through that point then exposes sentiment to .8582, this week's low, and towards .8549, the 13 day mvg avg.
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