EURGBP technically we should be headed lower
EURGBP is pushing deeper and deeper into a broad resistance band and the RSI is reading 69.58 just short of technically overbought. Above this resistance band sits the 76.4 Fibonacci at .8829 some 60+ pips away from current levels. Impossible to buy at these levels and even with the rumour mill turning on Friday with news of a potential future ECB rate hike its hard to see any direction for EUR/GBP other than down.
Trade idea
SHORT this market on the open. STOP above the Fib level at .8829.
Trade idea
SHORT this market on the open. STOP above the Fib level at .8829.
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