EURGBP corrects 50% of move down. GBPUSD finds profit takers against the weeks lows
The EURGBP found good support against the 38.2% and 100 hour MA earlier today at the 0.8348-50 area. The price has sicne pushed quickly higher and tested the midpoint of that move down a 0.8377. Now what? Sellers have come in against the level and pushed the EURGBPU back down. In conjunction with that move the GBPUSD has seemed to have found some support against the low for the week at the 1.5729 level. The GBPUSD has moved back into the range that the pair stayed in from mid November to February, so that is a disappointment. This will likely lead to sellers on rallies toward the 1.5765 (low from earlier today) to 1.5778 (38.2% of the move down – see chart below) area today.










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