DAILY SPOT EURGBP - 2 month lows & testing 200 dma, but still bearish
In line with yesterday's, and this week's, bearish call this week's decline from a daily Marabuzo line extended. This 2nd down day in a row took EURGBP to the lowest levels traded for 2 months and to a retest of the 200 day mvg avg. That point has held the downside for more than 4 months and remained intact at Tuesday’s close. But although that factor introduces a strong note of caution, this morning’s call is a Sell but leaving room to Sell any Rally to .8799, Tuesday’s open. The risk is .8824, Monday’s Marabuzo line, with an immediate target of .8755, yesterday's low and the 200 day mvg avg. A move through that point then exposes sentiment to .8738 and towards .8707.
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