EURGBP Starts The Week Toppish After a very bullish close to a...

EURGBP Starts The Week Toppish

After a very bullish close to a very bullish week, EURGBP starts this new trading week looking weak. Attempts at 0.8880 have remained as before. Since Sunday evening, the 8hr chart continues to put in wicks that suggest weakness.

A first target is the more aggressive 38.2% Fibonacci retracement level at 0.8810. A 2nd target is the 38.2% Fibonacci retracement level of the entire rally off the 0.8650 lows at 0.8790.

After this consolidation, watch for continuation to the upside or more weakness. The key level will be 0.8750 to the downside and 0.8850 to the upside.