It’s all about Sterling and the UK’s employment report today as traders are anxiously waiting for the catalysts to determine further trends. The UK labor market report is anticipated to reveal that the average weekly earnings in the three months to September are forecast to accelerate to 3.0%.

The EUR/GBP has violated the descending triangle pattern on the hourly chart. The pattern extended a solid support around 0.8725, but the level failed to hold up against a sudden strength in the pound.

Support Resistance
0.8703 0.8768
0.8674 0.8804
0.8609 0.8868
Key Trading Level: 0.8739

We are shorting the EUR/GBP at 0.8726 to target 0.8696 with a stop loss above 0.8766. Looks like we are already in profit. Let’s move the stop loss at breakeven.

Good luck!