EUR/GBP Technical Analysis: 3-week old supportline highlights 50% Fibonacci retracement for buyers
|- EUR/GBP is taking the bids around 0.8580 while heading towards European session on Tuesday.
- The pair continues to remain supported by a three-week-old upward sloping trend-line stretched since March 14.
- Though, 0.8595 - 0.8600 region including 50% Fibonacci retracement of March 13 to 21 advances is likely important resistance to watch.
- Should prices rally beyond 0.8600, 0.8640 and 0.8670 might entertain buyers ahead of pleasing them with 0.8700 and 0.8720 resistance levels.
- In a case when the quote slips under 0.8540 support-line, 0.8500 and 0.8470 could quickly appear on the chart.
- It should also be noted that 61.8% Fibonacci expansion of January 11 to March 21 moves, near 0.8360, can become sellers’ favorite if they dominate sentiment under 0.8470.
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