38.2% fib, major eur/gbp support soon to be broken.

FX_IDC:EURGBP   Euro / British Pound

The pair moves in long deep waves.
Failing to break the previous highs, we've seen the market begin a new downward cycle of lower highs, held only by 38.2" fib on the weekly chart.
This acted as resistance straight after the Brexit rally, and has since been tested three times and held as support. Demand is doing well to hold this favored level.

With the pair breaking outside its trend channel we see the market currently toying around the 0.8380 level.

This week news have been focused on Mays' shock June poll announcement and French elections. A Le Pen Victory could see the euro fall, Whilst a Macron victory could be good for euro strength. In any case a break of the 38.2% fib and further confirmation of a break of 0.8343 should encourage fresh supply to give the pair a comfortable slide to 0.80**


I thought the same at the time, but I now see it as a trading leson on when to go long/short. i.e. when the breakout breached resistance.
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