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EUR/GBP sellers alleviate upside pressure

EUR/GBP traders could soon see a period of short-term weakness on an intraday basis, allowing for some severe overbought studies to unwind.

The 50 SMA is above the 200 SMA on the hourly chart, at a distance superior to the daily ATR. This indicates an up-trending condition.

Longer-term traders following the 4H stochastic above 50%, don’t necessarily need to liquidate their long positions, but the 1-hour stochastic is increasingly hinting that it could be necessary soon.

The oscillator has build a plateau above the 70% level for more than eight hours and has just abandoned overbought territory with the recent hourly close. This is a warning of a potentially important short-term top.

Losses in equities put the breaks on USD/JPY near 10-DMA

The USD/JPY is having a tough time rising above the 10-DMA located at 122.79 due to the sharp losses in the European equity markets.
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EUR/GBP heavy, flirts with 0.7200

The cross in the EUR/GBP failed once again at higher levels and dropped below 0.72 handle, before trimming losses to now trade just ahead of the last.
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