EURGBP falls to a key support level and stalls today.

  


The EURGBP has a key floor (old ceiling) at 0.8860 to 0.8878

The EURGBP moved to the lowest level since November 23rd, and in the process moved into a key support area between 0.88603 and 0.88788. The low price today reached 0.88685 and has bounced. The current price is is at 0.8882.  There have been no fewer that 10 swing levels in that area and 6 separate lows that stalled in the area between Man and November. Today is the 7th low that has reached the level. 

The EURGBP has a key floor (old ceiling) at 0.8860 to 0.8878

What now?

Buyers are leaning against the level.  However, I would suspect that on a break, the buyers would quickly turn to sellers  (and add some new shorts as well).  Nevertheless, buying is a low risk trade for traders hoping that the pressure over the last 6 trading days (all are lower) will run out of steam.   The price over moved from 0.9076 to the low today at 0.88685 over that period.  



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