EUR/GBP: Support at 0.8630 is at stake


Support at 0.8630 is at stake.

  • EUR/GBP is still weak after declining from 0.8723 high and heading along the 0.8628 range. EUR/GBP bearish pattern started in March is reinforced. Hourly support at 0.8652 (08/06/2017) is now broken while hourly resistance at 0.8834 (14/12/2017 high) is distanced. The technical structure suggests short-term decrease.

  • In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading below its 200 DMA.

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Grinding higher.

  • EUR/CHF s increasing and has broken resistance at 1.1889 (16/04/2018 high). Strong resistance at 1.20 (level before the unpeg) remains. Hourly support given at 1.1715 (07/01/2018 low) remains. The short-term technical structure suggests short-term decrease.

  • In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support can be found at 1.0624 (24/06/2016 low).


This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.