Volumetric analysis on July 27
Mario Draghi did not become a reason for the development of an upward scenario. The pair rolled back down to the two-month outset channel zone. However, today we pay attention to the price range of 1.1650-1.1670. We assume that part of market participants might be stopped-out above this area. After that there was some activity, which prevented the pair from going upwards. Therefore, while the price is below the mark of 1.1670, we will regard the movement down as a priority.
Following the European currency, the pound rolled back down, and there is a similar zone that draws our attention. The price range 1.3135 - 1.3170 we accept as possible resistance. And if the price goes back, then we can wait for a response to this volume, and, perhaps, the price's going down. The goals of the fall may be the levels of 1.3085 and 1.3050
The price movement of this pair goes against the correlation with the US dollar. That is, given the priority down on the pairs EURUSD and GBPUSD, this pair we are also waiting down. The resistance zone 1.3095-1.3135 coped with its function yesterday. And we see the retreat. Priority down is maintained at least until the price is above 1.3135. The purpose of the fall can serve as support from the history of 1.2965.
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