Nico.Muselle

EURGBP - Decision price level, will it hold ?

FX:EURGBP   Euro Fx/British Pound
234 2 7
This pair has been in an almost constant descent for more than 1 year now and has seen a move of 1600 pips down during that period.

Currently we are at a potential support/resistance level on the monthly chart that dates back to 1998 and 2003             , much like the EURUSD             pair where we see exactly the same. The question is now, will we see a little retracement or will this level be broken as well and do we see a further move down into 0.65 ? A large retracement is highly questionable as the ECB's QE             will kick in tomorrow.

Related Ideas

FeelsFX
2 years ago
we might have a gap breakout
+1 Reply
Nico.Muselle MOD FeelsFX
2 years ago
Right, according to XE, the rate currently is 0.7210, so a little up from where we are now. Tendency in general is that during the day this gap is closed but we could also see a (limited) rally. Wait and see what Monday brings :)
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