EUR/GBP: went to highs of to 0.9302 on sterlings mega-crash

EUR/GBP has rallied hard on the flash crash in sterling during thin liquidity in early Asia. 

It could be a flash crash could have been as a result of algorithmic system being turned off and stops triggered with nothing further out to cushion the move in a huge vacuum os space, but either way, the move has shocked the market and caught early birds in early Asia out, scrambling for cover and now consolidated in a far weaker sterling across the board with no liquidity out there or bids or offers on platforms, making for a very interesting end to the week ahead of nonfarm payrolls. Has this now extended a crystal ball to the market for sterkings otherwise murky future?

EUR/GBP levels

While technicals have all but been smashed, 2nd Sep 2009 highs on the monthly chart are located at 0.9410 and 2nd Nov 2008 high was at 0.9799.

With spot trading at 0.8978, we can see next resistance ahead at 0.9302 (Daily High). Support below can be found at 0.8901 (Daily Classic R3), 0.8873 (Daily Classic R2), 0.8855 (Weekly Classic R3), 0.8854 (Yesterday's High) and 0.8841 (Daily Open).