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Aug 06 - 02:55 AM

GBP/USD - Euro Still Overbought Despite Pullback Versus Sterling

By Peter Stoneham  —  Aug 06 - 01:45 AM
  • Pullback from Monday's 0.8619 high left a long upper candle shadow

  • Soft Tuesday open clear below 0.8600

  • Our 0.8585 short play just on-side

  • High risk counter-trend trade looking for 0.8475 with a 0.8650 stop

  • Minimum correction off the 0.8391-0.8619 climb met at 0.8565

  • Daily RSI still above 70, points to a deeper adjustment

  • A close under the 0.8558 200DMA could trigger a larger drop

  • EUR/GBP Trader TGM2343

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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