Further to my previous post we've now seen EURGBP take out 0.7400 and post 0.7385 with bids there so far holding the target price of 0.7375-80
More bids at 0.7365 and 0.7350 and we can expect more to appear into 0.7325 and 0.7300 should the move continue
GBPUSD though is finding it tough to break through 1.5300 althought well supported by the EURGBP selling and has retreated to 1.5285 again for the moment as the offers prevail and USD buying elsewhere continues
I
still can't really fully understand this extended move down for EURGBP
given that what's bad for the Eurozone is also bad for the UK economy
given our trading dependence on them, but the technicals are driving it lower and the pound is getting additional support from moves higher in GBPCAD and GBPJPY as those two currencies continue to weaken further
