EUR/GBP: Rallies Currently Limited; Downside targeted
3cAnalysis | Oct 23, 2014 07:05
Initial, modest, gains were seen in EURGBP yesterday but the underlying bearish tone soon reasserted. The resulting net decline was not extensive but it was the 5th down day in a row and sustained levels beneath the Marabuzo line created October 13th.
Oversold extremes are a growing concern but with no sign of anything other than temporary profit taking bounces we look for the downside to expand with potential to .7854 and .7837.
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