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EURGBP bounces off intraday support

Discussion in 'Technical Analysis' started by ForexLive, Jul 7, 2016.

  1. ForexLive

    ForexLive Forum Member

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    The tail continues to wag the dog The action in the EURGBP seems to be wagging the dogs (EURUSD and GBPUSD) in trading - at least in the short term. Looking at the 5 minute chart, the pair broke above the 200 bar MA on the 5 minute chart and the 50% and the price ran higher about 18 pips. A correction back lower after the 4 PM London fixing, sent the pair back to the 200 bar MA level (green line in the chart above). That held and we are now seeing a rotation back higher. The GBPUSD seems to be the one following along the most as it now trades at NY and London session lows (and went negative on the day).

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