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EURGBP Daily Chart (correcting or end of trend>)
Those who have followed me over the years have seen me say you can’t trade EURUSD or GBPUSD without keeping an eye on EURGBP. The move up in this cross is behind some of the demand for EURUSD while GBPUSD struggles on the upside.
As the chart shows, EURGBP has bounced off a test of .8500 *just below( and is currently trying to establish above,8575, which would expose .8592-.8620 as the last leg down is negated.
On the downside, it needs to hold .8532 to keep the bid but .8570+ for the string bid.
EURGBP firmer => weaker GBPUSD => firmer EURUSD
The GBP’s reaction in GBP (weaker) to a miss in UK CPI underscores an ultra-sensitivity to any data that shifts expectations of rate cuts.
Look at this EURGBP chart where demand for the cross is one reason why EURUSD has taken on a bid.
EURGBO 15-minute chart’
EURGBP => weaker GBPUSD => former EURUSD
The GBP’s reaction in GBP (weaker) to a miss in UK CPI underscores an ultra-sensitivity to any data that shifts expectations of rate cuts.
Look at this EURGBP chart where demand for the cross is one reason why EURUSD has taken on a bid.
I call this “Using crosses to help trade spot fx“”
EURGBO 15-minute chart’
GBPUSD
At this time yesterday GBP was the strongest currency.
Today it is the weakest.
Catalyst: UK Jan CPI was unchanged vs. forecasts of an increase
GBPUSD 4-hour chart
1.2518 = major target/support (then psychological 1.25)
1.2536 = last line of defense ahead of 1.2518, low of the day, tested
Resistance 1.2571-1.2611
Scorecard: GBP strongest, CHF weakest (NZD 2nd weakest) today
GBPUSD 4-hour chart
1.2655 needs to hold to keep the strong bid although GBP demand seems to be coming out of its crosses
GBPUSD daily chart
This indicates that it is still just a correction
GBPCHF 4-hour chart
Strong uptrend accelerating
Note red lines dominating (risk pointed up)
Re: my post from the last night :
EURUSD Day ahead
Resistances : 1.07950 and 1.08350/400
Supports : 1.07800 , 1.07700 and 1.07200
Judging by the current pattern, we should see the attack at the supports tomorrow, but expect as always for Europe to do some buying early euro morning…if they break through 1.07950 we should see at least 1.08200 ( depending on how they spent their weekends…)
Same goes for other two postings – JPY and GBP….Bellow is a current chart for EURUSD
GBPUSD Day ahead :
Supports at : 1.26250, 1.26100, 1.25700 and 1.25150
Resistances at : 1.26450 , 1.27700, 1.27850 and 1.28300
As you can see from the chart, the Demon spends days in some sideways to nowhere , just to get wild once in a while.
My best strategy would be to play it like a range, taking into account that there is no fixed-visible range. Cable can hit extremes on both sides, just to come back where it was…more or less.
An idea is to Short it at 1.26450 for a run at 1.26100 ( conservative approach ) , or even 1.25700 ( adventurer level 😀
I have added some Fibo retracements for the fans of it, and for all of us to have some perspective.
