A decision to pass on an opportunity to buy the Euro against the British Pound yesterday proved wise as prices retreated from trend line resistance in the 0.8283-0.8306 area. A daily close below support at 0.8240, the 23.6% Fibonacci expansion, exposes the 38.2% level at 0.8212. Alternatively, a move through resistance targets the
Prices are sitting too close to relevant support to justify a short entry from a risk/reward perspective. We will remain on the sidelines for now, looking for a more attractive selling opportunity.