Weekly EURGBP - Bearish dark cloud cover signals sentiment switch to selling rallies

​Trading was volatile in EURGBP last week. The first two of our upside targets were met as initial trading saw the 13 day mvg avg act as a platform to take the cross to the most bullish levels for 8 months. But sentiment turned sharply from those extremes, creating a Bearish Dark Cloud pattern at the highs and the week ended with 3 down days in a row. Most importantly this resulting in a clear negative break of the 13 day line. Although oversold extremes mean there is a probability of an early reaction, sentiment is assessed as bearish. In light of this, our call for this week is a Sell but leaving room to Sell any Rally to .8808, Friday's open. The risk is Thursday's .8876 high with an immediate target of .8706, the 13 week mvg avg. A move through that point then exposes sentiment to .8651, June's low, or even towards .8582, the 8 week low.