A good story unfolding on EURGBP this session 30 Aug
Regular readers know I like to keep things simple and the line of resistance at 0.9270 could not be any simpler. No drawn lines needed!
EURGBP 15m
We had a look at it earlier in what was possibly a tranche of month-end buying ( BUBA can buy the UK's EU contribution over a period of days, not just the last day itself) but we stopped bang on the mark again. Remember that month end demand doesn't have to always mean a sustained rally but can also just stem the impact of any prevailing supply.
That move pushed cable down to test bids between 1.2895-00 but since then it's been downhill for EURGBP to break down through decent support lines around 0.9235 to post lows of 0.9227 so far.
That in turn has helped GBPUSD to test sell interest/res at 1.2925-30 while EURUSD has continued its retreat from 1.1980 (another decent line) to post 1.1924 so far.
Upcoming US ADP and GDP now the next data risk.
EURUSD 15m
Good range-trading business to be had still so don't get greedy or too carried away as I highlighted/warned in an earlier post.
See you all back here tomorrow.