Published On: Tue, Mar 21st, 2017

EURGBP gains from average to continue

InstaForex

Background

Friday’s strong decline took EURGBP back to the 13-day moving average. It was the failure to break below that crucial level that undermined negative signals to the degree that this week’s outlook was considered unclear. The importance of the 13-day average though was proved by modest demand from that point on Monday, upside that has been extended in Asia. Caution is required until/unless the Marabuzo line from Mar 13 is breached on the topside, but the Asian move emphasises a renewed positive tone that we look to extend during Tuesday.

Management and risk description

A move to 0.8738 means the stop can be raised to break even.

Parameters

Entry: Buy in 0.8710/15 area and any dip to 0.8697.

Stop: 0.8675 offered.

Target: 0.8738, 0.8760 or even 0.8776.

Time horizon: Intraday, ending 1600 GMT.

Average platforms

 Downside stalled

 Long term

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— Edited by Susan McDonald
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