That retails surge in GBP puts EURGBP on the back foot again and has now taken out bids into 0.7130,after highs above 0.7160 earlier
April lows of 0.7118 have been surpassed to post 0.7115 so far but more bids into 0.7100 as per the order board ( now with talk of stops below) ahead of 0.7095 previous low support then 0.7060 and then the March lows of 0.7014
Resistance/offers above 0.7160 then 0.7200 with bigger line at 0.7285
Two factors now to consider as ever
1) How will the euro fare from here generally given the whipsaw session we've seen so far
2) Can GBPUSD continue to make further gains into 1.5700 after that 80 pip jump
EURGBP currently 0.7124 finding some fresh buyers with GBPUSD
Delicately poised and I'll be keeping an eye on this pair as always.. What do you see at the moment ? A good buying opportunity or just pausing for breath before another tumble? GBP to lead or euro ?
