EUR/GBP technical analysis: will the pair trigger additional gains above 0.8670 and 0.8680?

FXOpen Broker Team FXOpen

The Euro climbed higher recently after forming a solid support near 0.8620 against the British Pound. The EUR/GBP pair broke the 0.8640 and 0.8650 resistance levels to move into a positive zone.

There was also a close above the 0.8650 level and the 50 hourly simple moving average. The pair traded as high as 0.8680 and recently corrected lower. However, the previous resistance near the 0.8655 level acted as a strong support.

The pair recovered, but it seems to be facing a strong hurdle near a bearish trend line with current resistance near the 0.8662 level on FXOpen UK. A proper close above the trend line could trigger additional gains above 0.8670 and 0.8680.

Conversely, a failure may perhaps push the pair towards the 0.8550 support and the 50 hourly SMA. Any further declines could push EUR/GBP back towards the 0.8640 level.

Author

FXOpen Broker Team

FXOpen

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