Traders eyeing 0.7695 area (say 0.7700) as risk above
The EURGBP has also tumbled on the back of the ECB decision. The pair has moved below the 0.7690-99 area level which has been the home of a number of swing lows going back to Feb 15 on the 4-hour chart. This is now the risk for sellers.
Looking at the 5-minute chart, the price move lower has the 38.2-50% of that move between 0.7682-92. This should help reinforce the technical resistance (risk defining level) for sellers. The price should find selling interest below the 50%. If the sellers loved it on the way down, they should love it at 50% correction IF the trend is for real The shorts remain in control and looking at the 4-hour chart above, there is some room to roam (as long as the risk is not breached).