EURGBP - Limited downside inside the wedge
EURGBP - Intraday - We look to Buy at 0.8990 (stop at 0.8960)
Continued downward momentum from 0.9109 resulted in the pair posting net daily losses yesterday. Trading between support at 0.8988 and resistance at 0.9080. We are trading at oversold extremes. The selloff is close to an exhaustion count on the intraday chart. Due to an Ending Wedge formation, we continue to treat extended losses with caution. Preferred trade is to buy on dips.
Our profit targets will be 0.9080 and 0.9155
Resistance: 0.9070 / 0.9080 / 0.9158
Support: 0.9020 / 0.8988 / 0.8900
Continued downward momentum from 0.9109 resulted in the pair posting net daily losses yesterday. Trading between support at 0.8988 and resistance at 0.9080. We are trading at oversold extremes. The selloff is close to an exhaustion count on the intraday chart. Due to an Ending Wedge formation, we continue to treat extended losses with caution. Preferred trade is to buy on dips.
Our profit targets will be 0.9080 and 0.9155
Resistance: 0.9070 / 0.9080 / 0.9158
Support: 0.9020 / 0.8988 / 0.8900
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