The end result affecting the EURGBP cross rate have triggered an early technical corrective move higher just within its 21 day MA of 0.8418 after touching a Fibonacci rising Fan support at 61.8%. this coincides with the Euro's divergence created as prices moved lower on a daily basis. For that matter, with the GBPUSD falling to a low 1.5360 initially breaking a trading range support with a slight closing recovery at the 1.5410 1st weekly support level have influenced the initial recovery for the EURGBP cross rate closing at 0.8400. Thus signaling a pause and probable recovery is being set-up for a temporary correction for the coming week. However, we do not discount the probablity of a corrective move at the last trading day of the year as these low prices would meet liquidation with open interest for financial Euro futures. This goes the same for the Euro & the Pound. Please visit our website for a more indepth analysis of this article at http://www.megatrade101.com/
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