On 17 May this pair sold off 160p in a single session and since then it’s been fairly quiet for this pair and even bullish on an intraday basis, until Friday. This is a risk-sensitive pair and once again testing the trend-line support from the 2016 low at 82.60. Also of interest is that this pair has been stuck in the multi-year cycle since 2000, but by no means will this pair drop 2 700 pips soon, but something to think about. Looking back to September 2008 there was a rally of 800p in a week! This pair has made two lower highs since 20 April into trend-line support that suggest to me a breakdown is on the cards sooner than later!
A Daily close below 82.60 (depending on your broker’s charts) would open to the current 2017 low at 81.50 with a break there opening up to 80.30 followed by 78.45 support areas. A move above 83.87 will challenge the bears.