EURGBP through resistance turned support at 0.7292
You can wait months for the size of moves we've recently seen in just a few weeks in this pair.
I actually started this post just as the cross had found support at 0.7292, which was resistance on the way up. I was going to suggest that we might see a range between 0.7292 and 0.7375/80 but that theory has been blown out of the water :-D
We're firmly under 0.7300 now at 0.7273, with a low of 0.7266
EURGBP H4 chart
Support at the 55 H4 ma is holding up for now and then we face the 38.2 fib of the spring from 0.7013 at 0.7242. Further support comes in around the 0.7220/25 area, then at 0.7200 which has the 50.fib also
Look for resistance to come in around the price here at 0.7277/80 which has both the 200 H1 & H4 ma's, then 0.7292 once again. Stay below there and 0.7300 and that will keep the pressure on the downside
The move has mostly been driven by the jump in the pound following comments from the BOE but as I've just mentioned in our comments section, there's really not a lot in those comments to warrant a 60+ pip jump in GBP/USD. As such I'd be wary of these gains lasting and watch for a slip back towards at least 1.4840
