Having touched decent resistance at 0.7935 earlier in the session we’ve come all the way back down to the overnight lows at 0.7903 but once again the bids into 0.7900 have held firm. More behind that at 0.7885 then targetting the pivotal 0.7865-70 area from which we took off to 0.8035 last week.
I left on Friday highlighting the 0.7900 support and my view that the bids would help cap cable which indeed they did.
Currently back to 0.7912 with EURUSD still seemingly comfortable above 1.2400 yet struggling to make real progress the level (0.7900) is once again proving to be influential as GBPUSD fails to make gains above 1.5700.
Expect more of the same pattern with a break of one impacting on the other but rinse n repeat on both til broken
EURGBP H4 24 Nov