EUR/GBP is currently retesting the broken support zone which lines up with the 38.2% Fibonacci retracement level. I assume the pound has some more strength left comparing to euro and there may be some pullback scenario (continuation of downtrend) seeing the market structure and price behavior. If price pullback from 38.2% Fibonacci and we plan our short idea from that level then we can put stops in between 50% to 61.80% as the daily ATR of this pair is only 30-40 at the moment and if price rally above 38.2% next larger retracement could be the 50% Fib, which is closer to the .8500 major psychological mark. If the price reaches that level and we still get a short opportunity favorable stop point should be above 61.80% Fibonacci retracement level.
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Price rally above 38.2% but the next larger retracement 50% Fib worked as we thought
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BOE leaves bank rate unchanged at 0.75%; votes 7-2. This was when our support zone broke savagely!
