Corrects to 50% and stalls. Moves back higher.
The EURGBP – which has been a driver in the EURUSD and GBPUSD moves today (or is it the other way around?) – is back moving to the upside after testing and holding right near the 50% of the trend leg higher (). Traders leaning against the 50% have seen the price move up from 0.7056 to 0.70711 currently. The high at 0.7079 and then 0.7088 (50% of the November move down) are the next targets. The support remains the same for the buyers at the 0.7056 area (you can add the rising 100 bar MA on the 5 minute chart which is moving toward that area).