EUR/GBP Technical Analysis: Break of 0.8680/85 becomes necessary to avoid visiting 0.8590
|EUR/GBP trades near 0.8640 during early Thursday. Despite repeated attempts, the pair couldn’t clear 0.8680/85 horizontal resistance comprising current month high.
As a result, chances of its pullback to 0.8590 support including lows marked on April 08 and 10 seem brighter. Though, 0.8620 may offer immediate halt during the downside.
Should there be increased southward pressure on prices under 0.8590, 0.8560, 0.8515 and 0.8470 are likely consecutive rest-points to appear on the chart.
Alternatively, 50% Fibonacci retracement of February to March decline near 0.8655 seem adjacent resistance ahead of 0.8680-85.
Given the pair’s successful rally beyond 0.8685, 61.8% Fibonacci retracement near 0.8700 and 0.8740/45 horizontal-region can gain Bulls’ attention.
EUR/GBP 4-Hour chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.