The tail continues to wag the dog(s)
The action in the EURGBP seems to be wagging the dogs (EURUSD and GBPUSD) in trading - at least in the short term.
Looking at the 5 minute chart, the pair broke above the 200 bar MA on the 5 minute chart and the 50% and the price ran higher about 18 pips. A correction back lower after the 4 PM London fixing, sent the pair back to the 200 bar MA level (green line in the chart above). That held and we are now seeing a rotation back higher. The GBPUSD seems to be the one following along the most as it now trades at NY and London session lows (and went negative on the day). Having said that the EURUSD is being dragged down too.
The EURGBP is still down on the day, but after being down as much as 91 pips from the close, it is climbing it's way back higher. Get and stay above 0.85658 (61.8% of the day's range) is the next target to get to and through. It did break once - right around the fixing time which may have been an influence - but are making another run at it as I type.
