Yes folks, it's today's episode of EURGBP meets euro weakness ( by special request of Credit Phil who I noticed is waiting patiently for my ink to dry) and we've seen a good move lower from 0.7280 to 0.7236, just off Monday's 7-year lows
Already we've seen a rally to 0.7260 after the weaker-than-expected-but-not-too-bad UK services PMI but the ongoing pressure in the euro ahead of tomorrow's ECB risk event means it's unlikely we'll get to test the key 0.7300 resistance again before then
Expect offers again at 0.7260 then larger at 0.7280 should we get any sort of rally before 0.7300 then ultimately res at 0.7310 before we can see consolidation
Risk to the downside still with a break of 0.7235 protecting technical support at 0.7204 then 0.7189
New range for me now 0.7230-80 and I'm currently long in the 40's but not encouraged by the lack of rally so far.
GBPUSD support down here into 1.5300-20 not helping but overall I'd say it's euro weakness on ECB fear that's the driver right now.