EUR/GBP Weekly Candlestick Chart. Prices back below the 0.9300 level and leaving a large Engulfing candlestick pattern on the weekly chart. This puts pressure on the downside for now and see any attempts higher as an opportunity to go short.

0.9000 level attracts as the near term target to the downside and as a major support level - the 10 week moving average is currently just below this level at 0.8982.

Strategy this week is to trade EUR/GBP down to the 0.9000 level and then reassess. Areas to watch for shorting at or adding to positions are 0.9125 +/- as line in the sand for today/tomorrow, and 0.9092 as trigger. Above 0.9125 and 0.9170 would attract near term, but higher levels only produce greater opportunities to short at in this market for the near term. Holding above 0.9300 cancels this strategy.

EURGBP