“INDICATOR OF THE DAY” - 100-DAY SMA
The key indicator to watch in FX today is the 100-Day SMA in Eur/Gbp. Despite the recent surge in the cross, we see any rallies back towards the 100-Day SMA as a good opportunity to establish fresh short positions. The cross had been very well supported by the longer-term moving average since November 2008 before finally breaking down through the 100-Day in early April. The SMA should now offer itself as a formidable former support turned resistance, with deeper setbacks seen following a retest of this level, which also happens to coincide with the 0.9100 figure.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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