EUR/GBP

Reviewing the hourly chart for the Euro Sterling pair, the story of this session is clear with the Sterling trading weaker across the board, as sentiment regarding the UK economic situation continues to deteriorate. After opening the trading day/week around the 50% Fibonacci retracement level, the Sterling has continued to weaken as the pair has broken the channel below to the upside, as well as the 61.8% retracement and looks poised to test recent high's. In a light data session, the Sterling is the mover of the trading day, refer back later for reviews of other GBP related currency pairs.

EUR/GBP seeing some offers at its point of resistance. Moreover, stochastics are looking weak at this point which may see the pair lower.

EUR/GBP toying with a short term trendline support level. Stochastics make it look like it may get bid back into the shown consolidation pattern.

EUR/GBP relatively quiet throughout London session, as neither really made a move great enough to see the pair break in either direction. Presently, techs make it look like the pair may get a little bid to the upper point of channel resistance.

EUR/GBP got Crushed with capital C after the ZEW data. EUR/USD was immediately ~20-25 pts lower as each portion of the ZEW was released and has since gotten a slight bounce but still in the low 80's.

EUR/GBP nearing upper formation resistance with Stochastics positively converged.

EUR/GBP finding some support in the 30's as it gets bid up to continue its consolidation pattern. GBP has been a little weak above the figure, creating the opportunity for EUR/GBP to recover some strength.

1. EUR/GBP seeing some offers at formation resistance.

EUR/GBP trying to break out on either side but still no clear direction, especially after EUR/USD got a bounce from around the 1.5400 figure area.

EUR/GBP getting a nice bounce after the GBP move downward but still looking offered.