EUR/GBP breaking range, more gains ahead?

Matías Salord FXStreet

EUR/GBP printed a fresh 2-week high during the American session at 0.8450 and then pulled back modestly. It was trading at 0.8432/36, up 0.90% for the day, having the best performance since July 13. At the beginning of the day it bottomed at 0.8355, since then it has risen almost a hundred pips.

Breaking key resistance

The pair so far has been able to hold above the 0.8420/25 zone that capped the upside during the last days. After testing that level several times, today it broke higher and climbed to 0.8450. If it continues to hold on top of 0.8420, the doors to more gains are likely to remain open.

To the upside, above 0.8450 the next resistance levels might lie at 0.8470 (July 13 high) and 0.8500/05 (psychological / July 8 low). On the opposite direction, support could be seen at 0.8425 (July 19 & 26 high), 0,8405 and 0.8355 (daily low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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