EURGBP is the pair I encourage traders sell it this week.
Fundamentally, there are clear signals that EZ data would be negative and Euro should trader lower. While Cable began to enter the correction period especially vs Euro.
Technically, 0.7920 likely is a final destination of the rally of EURGBP. If I'm right, a triple top pattern is more obvious.
Of course, EURGBP is still holding above Kumo cloud, but if it enters Kumo cloud, that's a different story.
The most important thing is the strong divergence between RSI indicator and price action. The trend of RSI indicator is downtrend while price action is uptrend.
I think this divergence would drive EURGBP down.
The first level EURGBP will test is 0.7700, Break this support it will move below Kumo cloud to test 0.7525
Fundamentally, there are clear signals that EZ data would be negative and Euro should trader lower. While Cable began to enter the correction period especially vs Euro.
Technically, 0.7920 likely is a final destination of the rally of EURGBP. If I'm right, a triple top pattern is more obvious.
Of course, EURGBP is still holding above Kumo cloud, but if it enters Kumo cloud, that's a different story.
The most important thing is the strong divergence between RSI indicator and price action. The trend of RSI indicator is downtrend while price action is uptrend.
I think this divergence would drive EURGBP down.
The first level EURGBP will test is 0.7700, Break this support it will move below Kumo cloud to test 0.7525
