The GBP crosses were outperformed across the board, but the cable closed with marginal losses. On Tuesday, EURGBP falling briefly below 0.8900 levels but manage to hold the 20MA and closed at 0.9000 levels.
Ahead of the today’s macroeconomic data risk, now, the support for the EURGBP will now come in between 0.9000- 0.8990 while bulls only regain strength only above 0.9035 targets at 0.9060 and 0.9080. A break of 0.9100 level would be needed to initiate a stronger recovery to 0.9140 its 61.8% fib reaction.
Note that a drop below 0.8940 needed to forecast a serious trend change.
Ahead of the today’s macroeconomic data risk, now, the support for the EURGBP will now come in between 0.9000- 0.8990 while bulls only regain strength only above 0.9035 targets at 0.9060 and 0.9080. A break of 0.9100 level would be needed to initiate a stronger recovery to 0.9140 its 61.8% fib reaction.
Note that a drop below 0.8940 needed to forecast a serious trend change.