We've tried many times to break through 0.7375 and have only spent one whole day above in 2015
EURGBP again broke through the 0.7375 area and today we've seen support coming in at 0.7380. Even that support has been stepped up to 0.7385 in the last move there. That's a strong signal that we may get a decent push higher
EURGBP daily chart
We have to go back to 7th May to see us hold a complete day above the level, and that didn't last long at all. after breaking a level it's all about staying above a level. This morning's action is saying that the level is well protected right now so we need to look where the price needs to ask the next question. 0.7400 is becoming pivotal so the first sign will be whether we can stay above or below it
Above 0.7445/55 is the place to watch for further resistance and also has the 55 wma. Then that May high is next at 0.7480. 0.7500/12 and 0.7590/95 are two interesting levels to watch should we move that far
The pound is looking very weak across the board and I've just mentioned in the comments that I don't like the fact we've been sticking to the lows of late. Those fears look to be borne out as we drop through 1.5150/55 to 1.5141. The 1.5136 low from the 25th is next on the list.
Should we go through 1.51 then the first support level to note is at the May 4/5 lows at 1.5085/90
