Background
Yesterday’s bearish bias was confirmed as EURBGP moved deeper below the 13 Day Moving Average, with selling pressure steady throughout the day.
With immediate studies being negative we are expecting any bounce to be temporary and for the downside to develop.
Management and risk description
A move through 0.8393 means the stop can be lowered to break even
Parameters
Entry: Sell in 0.8405/10 area and at 0.8432
Stop: 0.8453 bid
Target: 0.8393, 0.8374 or even 0.8352
Time horizon: Intraday, ending 15.00 GMT
Three days of declines
Steady overall decline
Long-term
Source: All charts from CQG
— Edited by Adam Courtenay
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