EURGBP - Intraday - We look to Sell at 0.9230 (stop at 0.9260)
Trades at the highest level in 23 months. Selling posted in Asia. Price action has posted a bearish inverted Hammer and is negative for short-term sentiment. Bearish divergence can be seen on the 4 hour chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower. The rally has posted an exhaustion count on the intraday chart. Further downside is expected and we prefer to set shorts in early trade. There is scope for mild buying at the open but gains should be limited.
Our profit targets will be 0.9102 and 0.9070
Resistance: 0.9230 / 0.9249 / 0.9300
Support: 0.9102 / 0.8960 / 0.8938
Trades at the highest level in 23 months. Selling posted in Asia. Price action has posted a bearish inverted Hammer and is negative for short-term sentiment. Bearish divergence can be seen on the 4 hour chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower. The rally has posted an exhaustion count on the intraday chart. Further downside is expected and we prefer to set shorts in early trade. There is scope for mild buying at the open but gains should be limited.
Our profit targets will be 0.9102 and 0.9070
Resistance: 0.9230 / 0.9249 / 0.9300
Support: 0.9102 / 0.8960 / 0.8938
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