Short

EURGBP Rejected on the 1D MA200

The EURGBP pair has been trading within a Channel Down since the June 15 High. It is making Lower Lows on the 1.382 Fibonacci extension each time. On Friday the price got rejected on the 1D MA200 (orange trend-line) and today it is reversing lower. Keep in mind that the previous Lower High got rejected on the 1D MA50 (blue trend-line). It appears that this is an ideal sell opportunity on the medium-term. You can target 0.8250, which isn't just the 1.382 Fib extension but also the April 14 Low, rendering this level as the next horizontal Support.

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