EURGBP False Break Recap

Yesterday we posted about price on the EURGBP 4hr chart making a false break of the Very Big Round Number 0.800. To see this post see here: EURGBP False Break

After posting yesterday price did end up breaking higher and moving into the area we had identified as the next resistance area. When price reached the resistance level it found a bunch of sellers and sold off to move much lower.

Price is now under the VBRN 0.8000 and whilst it stays that way lower prices could be on the cards.

EURGBP 4HR CHART – 8 NOV 2012