 Hi, welcome to this currency snapshot. We're focusing today on the Euro sterling pair. Now there's just a confluence of potential resistance in and around the 0.7930 to 50 area. We've already seen what is close to a bearish engulfing daily candlestick from that area. What we want to just see is if there's any scope for this move lower that's already started to pick up steam and pick up to the downside. Now if we just look at this chart here we can see that we've got this rising trend line that's been broken. We've come back, we've retested it. We have these two former areas of resistance. We also have this 50% retracement of the decline which you can see here and we also have the the RSI rolling over just around the sort of 50 mark. So a few reasons to believe that actually we could see further downside from here. If we look why we've topped out around the 81 area, this is something we've highlighted previously. This is the the big drop in Euro sterling that kicked off in February 2013. We've now pulled back 61.8% of that almost precisely. I should mention that this same level you can see more closely on the on the daily chart fits in just around the 200 week moving average as well. So a host of technical indications that this is going to be a hard area for for Euro sterling to push through. Now what events do we have that could have this move lower? Today we obviously have the non-farm payrolls. Now payrolls is obviously a dollar focused event so for that we would then want to look at Euro dollar and cable just to see what the likelihood of moves are there. Now both both charts have put some fairly bearish-looking candles in this week. Now you can see this shooting star formation on the Euro sterling chart. Again if we pull out to the the weekly chart we can see that this this is basically a big false break of this sort of 15, 115 area on the Euro sterling. So that if we close the week as we are that's looking quite weak for Euro. Now weakness for the Euro dollar pair obviously adds to Euro sterling weakness but of course we have to look at cable as well to see if cable looks set to weaken against the dollar too. That has seen another big drop. We've seen a bearish engulfing candlestick on the cable chart. You can see that here where we had this big push into new highs and then a big drop down and that does correspond with the highs that we saw back in January. We've got a false breakthrough those highs failed above 147 and now we're looking lower again. So both these pairs looking bearish I think the probably the decisive factor in this NFP report if it is going to be the trigger that helps us push Euro sterling level it's just the fact that the Euro is a bigger component of the dollar index. So the default assumption would be if both charts are looking perhaps equally bearish in terms of cable and Euro dollar then you would say that actually maybe the emphasis is for Euro to fall a bit more just because it's a bigger part of the dollar index. So if we do see a positive report from the US more jobs created than expected faster wage growth than expected then the likelihood the default assumption would be that the Euro dollar pair falls more than the Euro pound more than the pound dollar and that would translate to more weakness in Euro cable in Euro pound. So again if we just flip back to where we started this is the chart we've got in mind that's the weekly chart the big level and these are the the confluence of reasons to suggest that maybe 0.790 to 0.795 though is an important area. Now obviously should we push back through that area especially today but even in the next few days they'll close above that 0.7950 ish would pretty much negate this whole situation and would actually be a positive sign for the pair because we've managed to surpass all those those bearish technical indications. So a few things to take in there I hope that was helpful but I'm going to call that the end of this chart video for today. Thanks a lot Jasper Lawler signing out.