November 26, 2022

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EURGBP moves toward a retrace of the run higher yesterday

1 min read

Ran up 50 pips yesterday. Move down today is 50 pips.

The EURGBP ran higher yesterday on the back of EUs Sefcovic that patience is wearing very thin on UK implementing withdrawal agreement. The sharp move to the upside saw the range extend 50 pips from the low to the high. 

Ran up 50 pips yesterday. Move down today is 50 pips.

Today, after a dip that saw the 50% midpoint stall the fall at 0.86168, the price moved to a new week high and a level between the swing highs from last week  (at 0.8639 to 0.8645). The high reached 0.8642.

The subsequent fall has taken the price down about 50.5 pips – near the same length of  the move yesterday. This time the move is back lower.  

Technically, the price has moved back below the 200 and 100 hour MAs at 0.86068 and 0.8605. Stay below those levels and the technical tilt is to the downside.

DISCLAIMER: Ups and downs can be get further ups and downs until there is a catalyst for a push and run away from the range trading.

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