FxWirePro: EURGBP bulls going wild; but unable to sustain dominance

Despite sturdy rebound on Tuesday, the bears have been alert and returned to the market from close to the 13 day average rate. Sentiment deteriorated by almost 3/4^th big figure yesterday.

Prices have remained inside Tuesday's up day, highlighting a degree of indecision. However there remains a bias to sell into any strength, and signals point to bounces as being selling opportunities.

EURGBP bulls bounced in an attempt to catch the yesterday's highs during early European trading sessions today but could not maintain the momentum as the leading oscillators started signaling the overbought pressures.

Trade tips:

Risk description On delivery basis to speculate if the initial target is achieved, then subordinate the stops to be considered to the entry point.

Stricture Entry: around 0.7015 levels (13 day average rate) or even catch at the current levels as it has shown the optimal entry points by making spikes.

Target: around 0.6961 levels (lows of yesterday)

Stop: 0.7045, (This week's highs and a 50% recovery from last week's losses)

Time horizon: until accomplished.