Nick Nasad
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EUR/GBP Update: Pair Snaps 0.84 Handle, Are We Looking at 0.8230?

Earlier this week, I wrote about the EUR/GBP being at a key juncture, testing the 0.84 handle as support. For the technical factors that made me bearish on this pair, check out the earlier post, but those that have been following me here on WhoTrades should know by know this has been one of my favorite pairs because of the macro divergence between the 2 economies.

  • In today's session saw the pair slide through the 0.84 area.
  • We now look to this important level to turn from support to resistance in the day's ahead. If we push bavk above the 0.84 level, then this break would be a fake-out and we would have to look to see how price action develops.
  • The break open up the possibility that we slide down towards next key level at 0.8225, with a shorter term pivot at 0.8270.
  • In the shorter term charts, I will continue to look for opportunities to sell rallies, and try and point out potential set-ups as we get them.

- Nick