Pivot Price levels for the EURGBP UPDATE

Written by JS T Alexander | 28 November 2011

UPDATE: As of Nov. 24-28, 2011 Tug of War between USD, EURO & GBP still Holds

With the 'Tug of War' as in the 'Art of War' between the US Dollar and currency majors remains volitile, as we have seen on the opening Monday and Tuesday's corrective movement finally failed with the EURGBP cross rate giving way to its original directional trend lower. Please review and checkout supporting analysis for this Market view - Finally - A Concerted Central Bank action. on a fundamental standpoint other than on a technical basis as of November 30, 2011.

After touching a short-live rally back to the 0.8603-0.8610 trading range as indicated with a circle on the chart Fig.A compared with the previous charts on Fig. 1&2. The continuation lower have been attributed to the steadier and corrective move of the Pound slightly higher compared with the lower Euro as of this update today the 28th of November 2011. Currently, the EURGBP cross at 0.8533 below the mid- PIVOT support nearing its retest of the lower band of 0.8380-0.8550 from its initial attempt as we gain closer to the end of the month's trading.

However, the overlapping case scenario of closing month's trading within the mid-week closing month will provide a glimpse of the pre-market sentiment. The weekly candlestick bar will move insync with the monthly bar's outlook giving a head start for the new month to open. This is a critcal and inportant aspect of trading both Spot and futures, with the new month coming for December that would switch the nearby months forward. A closer look and analysis of both would be an advantage as a lot of traders do know the correlationship of Spot and Futures but without the distinct significance of an overlapping closing month. This is one of the trading tips that we suggest to seriously look into. 

SEQUENCE OF MARKET BEHAVIOR & PRICE MOVEMENTS

EURGBP DAILY CROS RATE UPDATE as of Nov. 28