Ian Coleman from First 4 Trading is looking for a corrective sell-off in EURGBP as technical gauges indicate a shift lower. The medium-term bias for EURGBP remains bullish, but the market stalled at a trend of lower highs at GBP 0.8028 on Wednesday.

Ian is looking to execute this trade on a break of GBP 0.7990, with bespoke support located at GBP 0.7994. The two targets for the trade are GBP 0.7960 and GBP 0.7930 and a stop can be placed at GBP 0.8010. Ian is expecting that buyers will re-enter the market at GBP 0.7919, which is last week’s Marabuzo line.

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