The 50% and swing lows from August/Sept
The EURGBP is moving to nnew session lows and in doing so is moving closer to key technical support level defined by the 50% of the move up from the May 2016 low. Tha level comes in at 0.83543. Also near that level are swing Lows from August (at 0.8343) and September at the 0.83325 area. I would expect a cause for pause at that area with stops on a break below. The low has reached 0.83688 so far.
Looking at the 4-hour chart, you can say that technically there is a support channel trend line at 0.8364. That level may also be a level that traders lean against in trading today (ahead of the 50%).
It is hard to stick a toe in the water when the trend is moving along, but the pair is approaching some key technical levels that may slow the fall for a bit at least.
