EUR/GBP is finally correcting

EUR/GBP is finally correcting

Trade idea

SELL 0.9230; TP1 0.9200; TP2 0.9160; SL 0.9245

EUR/GBP may be about to make a bigger downside correction. Weak economic figures released in the euro area on Wednesday showed that the single currency doesn’t deserve to rally that much even versus the weak pound. 

The currency pair closed yesterday below the August support line and slipped below the weekly pivot point at 0.9250. On D1, the Awesome Oscillator started going down. On H1, the pair slipped below the 200-hour MA. The decline below 0.9230 will open the way down to 0.9200 and 0.9160. The next support is at 0.9110/00. The uptrend will resume if EUR/GBP returns above 0.9300.

EURGBP.png

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