EURGBP collected more losses after closing below the 50% Fibonacci of the upleg from 0.8470 to 0.9323, with the price hitting a four-month low of 0.8745 on Friday. The pair has been putting effort to change direction this week within the lower part of the descending channel, but the technical indicators provide little hope for a meaningful rally as the RSI seems to be reversing towards its 30 oversold mark again, while the red Tenkan-sen is flattening well below the blue Kijun-sen line. Traders will likely wait for the market to correct clearly above the 50% Fibonacci of 0.8897 to increase buying orders. Should that ... (full story)