Thursday’s Dec 6th midday analysis -13.00 GMT

Euro, as seen on the chart below, moved lower in three symmetrical steps on Wednesday until it reached the 1.4600 area, after a short consolidation it broke even lower in the UK session in expectation of the ECB rate announcement of leaving the rates unchanged. EuruSd reached the 161.8 Fib Expansion level of Tuesday’s leg up so now we can expect a small retracement or consolidation in the US session.

Cable moved considerably lower yesterday and maintain trading around the lows for the better part of today’s session until the BOE rate announcement that cut interest rates by 0.25% to 5.5%, on that news the pair spiked below 2.0200 but so far it hasn’t managed to stay down there.