Having traded below resistance at 0.8 through much of yesterday, the pair declined to post a low at 0.7986 this morning before finding resistance at 0.7987. The pair looks to be retracing its overnight decline in early European trading as Equity markets have opened higher, but consolidation above 0.8 remains the benchmark for any bullish move this morning.
Sean Lee of FXWW see’s the pair as holding significant support at 0.7960/70 whilst Forex Ticket analysts see ranging with a downside bias between 0.8005 and 0.7985 with extended support and resistance at 0.7965 and 0.803.
UK Public Sector Borrowing figures for August is the only significant event on the UK calendar today and are due at 08:30 GMT.
European stocks have opened higher alongside commodities.