EURGBP continues it’s down flow and remains weak and at risk of a sell off on fear of the Euro crisis
The count I have is 100% to the down side. With the structure screaming for a abcde relief rally as the daily trend is only slightly bullish with the bulls hanging on for dear life with no support from the RSI pointing lower however we could still get a upward retracement towards 0.8121 and possibly 0.8187, if 0.80617 is broken and held. The move is encompassed within an 4th wave advance from the lows of wave 3 and then Price should continue on its downward spiral back down towards support area 0.8010 psychological support if this breaks then we could decline also to the 2 target of 0.7750 wave 5.
Remember Price is king and Risk management is the emperor so stay vigilant.
eurgbp Daily
we were a little slow of the mark catching this move down as i said earlier that we should expect a little rally which i thought would be a little stronger than it turned out. I also said that 0.80167 would need to be broken and held before we consider any long moves this did not happen. So as it happens the down side has pervailed heading for 0.7967 and with a complete breako 0.7967 we should be alllllll goood so with our down bias confirmed price should be headed for 0.7950 then 0.7805 then 0.7599.
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