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GBPUSD ONE HOUR CHART – DAY 2 CONSOLIDATION
Very similar update to the EURUSD
Thursday’ breakdown through 1.25 leaves 1.2457 as key resistance. Treat any bounce as a retracement unless 1.2457+ is regained.
On the other side, the deck is cleared of key stops until 1.2352 so call it consolidation as long as it trades within 1.2352-1.2457.
EURGBP MONTHLY – 8 YEAR RANGE
You have seen me focus on EURGBP for clues to intra-day trading so let’s take a look at the broader picture.
EURGBP has traded within an .8200-9500 range for the past 8 years, most of the price action has been within .8280-9280 (red arrows)
This is why .82-.83 is a “nervous” zone as a firm move below the bottom would signal a break of the 8 year range.
Using my platform as a HEATMAP shows narrow ranges with the dollar a touch firmer.
EURUSD pattern: Extended its trade around 1.04 to 5 days in a row, currently below it…downside stays at risk as long as it trades below 1.0450\
Another round of verbal intervention in Japan
EURGBP ticking down after failing yesterday at .8313
US bond yields remain firm, 10-year just below 4.60%
Early closures today, including US stocks
Xmas tomorrow, most countries closed on Thursday, US markets open Thursday but likely with skeletal staffing
