FBS: good time to sell EUR/GBP
By Alex Weber, FBS
Trade: Sell EUR/GBP on a break below 0.7910 with a target of 0.7870 and with a stop at 0.7930.
EUR/GBP consolidates around the yesterday’s lows of 0.7910 on Tuesday. Last week’s bullish attack was not really successful with the 1.7980 mark limiting the upside. The pair is now balancing on the upper boarder of the March-July descending channel.
Given the dovish ECB meeting expectation and the recent upbeat UK figures (the PMIs especially) I see a good chance to sell EUR/GBP on a break below the channel resistance.
Chart. H4 EUR/GBP