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May 02 - 06:55 AM

GBP/USD - Euro Struggling To Hold Cloud Breaks Versus Sterling

By Peter Stoneham  —  May 02 - 04:45 AM
  • EUR/GBP pierced the thin daily cloud then slid back below it Wed

  • EUR rallies a second time above the cloud but again fails to hold the break

  • Long upper candle shadows hint at demand fade

  • Those are encouraging signs for our 0.8625 short

  • Our target is 0.8505 with a profit stop at 0.8565

  • Daily resistance at 0.8561 and support at 0.8547, session low

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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