Following (leading?) the GBPUSD's move
As the GBPUSD reached new lows, the EURGBP is following along. It too is trading at its day's extreme (at new highs/lower GBP) as the GBP is taking on more of a bearish bias. On the move higher, the pair has breached the high from Friday at 0.9053. The next target on the hourly chart is up at 0.9074 (topside trend line).
On a corrective dip, the 0.9040-45 area (yellow area on the 5 minute chart below), should limit the correction (risk for longs.). Earlier today, there was support at the 100 bar MA line. Moving back below would turn the buyers likely into sellers on the bullish disappointment.
