EURGBP - Capped by Key Average

7th July 2015

Friday’s gains were capped by the key 13 day moving average and that led to yesterday’s decline from that point. The days lows were achieved in Asia and a later fall also failed, at slightly higher levels. But a net decline was still the result of the day’s price action and with the medium term trend remaining negative we look for the downside to continue to gradually develop with scope to .7055 and .7041.

Rallies should be contained by .7097 with a stop at .7122.

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