It's a big level and we're testing it again.
I highlighted the level last week and we stopped right on the button and now we're pushing up there again on general EUR demand and a soft-sentiment pound.
I've mentioned the correlation between EURGBP and GBPUSD on many occasions before and this morning said that a break of one level will trigger a move in the other. Well we've now seen GBPUSD fall through the strong support between 1.4140-50 and that's flicked the buy switch on again for EURGBP. Currently right on the level at 0.7910 I remain a dip-buyer but if you're long from lower levels then you might want to take a little money off the table here while maintaining core long position.
Reports of stop losses if level is properly broken and I would expect that to kick in between 0.7915-20 if/when we get there. Cable currently getting a leg back up to 1.4146 from 14125 as EURGBP rally stalls.
Joined at the hip again.
