With a new high marked @8935 for the #EURGBP it is fairly accurate to VALIDATE our market call dated 6.14.17. The recent correction of the #EURO @1.1380 have found new support as the #USD - #DXY pulls back below 96.00 for the 2nd round of market play for the week. As the steam from the good NFP figures have loss ground due to some profit taking and price adjustments thereafter.
#EURGBP Cross rate gains above the 0.8900 levels marked at their new highs for the week's trading as the decline in #CABLE / #GBPUSD trades below 1.2850 for now. The alternate market moves between these two majors is a clear indication that the ground for the Pound is quite shaky. And in spite of the round of talks and from Central banks to tighten monetary policies that would affect interest rates in the near future.
The trade strategy for the EURGBP cross has been correlated with the EURUSD now trading above the 1.1450 line of defense registered last MAY 2016. These market conditions will continue to do so until such time another round of catalyst would change market sentiments.
With the Euro briefly lower due to the JOBS data, the EURGBP Cross have remained above 0.9017 as of Aug 3, 2017 in the US session. For as long as the EURO holds its resiliency over CABLE prices the ERUGBP Cross could make a follow though by the next trading week. Not unless a USD price recovery can be significantly higher from a delayed reaction for good data then there could be a corrective phase in the making.
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