Against a background of positive signals for sentiment on the EURGBP for this week on the back of the Bullish Morning Star posted 2 weeks ago, 2 days of minor profit taking stalled and reversed below the key 13 day moving average. The result was a powerful reversal of investor sentiment that took the cross to the most positive levels for 6 weeks, and to the top of the daily Keltner channel.
Intraday studies are overbought but remain positive and despite potential for temporaty intraday setbacks the market is now likely to target an important weekly Marabuzo line at .8050.