theforexportal

EURGBP technically we should be headed lower

Short
FX:EURGBP   Euro / British Pound
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.

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