TipTVFinance

EUR/GBP – Corrective move likely

FX:EURGBP   Euro Fx/British Pound
Pair’s retreat from yesterday’s high of 0.8716 marked a failure to sustain above the confluence of resistance around 0.70 ( Pivot resistance + 61.8% Fibo) and suggests the rally from 0.83334 (Sep 6 low) has ended.

Prices currently trade around 0.8663 (hourly 50-MA). The moving average is still sloping upwards hence dips below the same could be short lived. However, upticks are likely to be met with fresh offers unless we break above 0.8725 levels.

Overall, the cross appears on track to test 0.8630 (Sep 20 high).
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