Once again today we’ve seen EURGBP pinned down by the recent 0.7975-0.7935 range and, just when everyone was getting excited about a break through the topside earlier, then down we came once more to test the lows after the awful EU PMIs and better UK retail sales
Much as I don’t like the pound still overall I’m finding this pair a little more confusing on which to take a longer term view so I’m happy to play the range from both sides with 0.7950-0.8050 the bigger suppport/resistance levels on the outside.
As always with range trading don’t get caught in the middle or pre-empt a break.
The halt at 0.7975 helped capped cable on that retails rally but a general USD sell-off is now lending support in the dip to 1.5660. Resistance/offers into 1.5700 and then 1.5720-35
EURGBP Orderboard still supports the range and vice versa
EURGBP H4 20 Nov
