The last correction stalled at MA line/38.2 % retracement.
The EURGBP trades above the Friday high for the 2nd time today.
The first break failed and the price rotated down 38.2% and tested the 100 bar MA on the 5-minute chart. The holding of the MA, makes that MA now close risk for longs. Stay above is more bullish. Move below and we likely see more correction. That MA comes in at 0.88469 now and is moving higher.
The best case scenario is for the 0.8858 high from Friday to not fail, and we see a new move higher from here. However if you want to risk a little more (and like the upside for this pair), the 100 bar MA is a trailing risk level for the trade...
On the daily chart, the pairs is back above the 61.8% retracement of the move down from the October high to the December 2016 low (see chart below). That level comes in at 0.88232. We are also back above the Jan 2017 high price of 0.88509.
