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Forex Trading: Waiting To Sell EURGBP Rebound

Forex Trading: Waiting To Sell EURGBP Rebound

David Song, Strategist

We’re still waiting for the EURGBP to move back towards to 0.8100 as the relative strength indices on intraday charts continue to reflect an oversold signal, and we will look to sell around the 0.8100 figure amid the deviation in the policy outlook. As market participants wait for the Bank of England (BoE) Minutes due out on December 19, we may see the euro-pound consolidate in the week ahead, and we will carry our bearish forecast into the follow year as the pair carves out a lower top around 0.8140-50, the 0.786% Fib from 2008 low to the 2009 high.

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