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.

Author

Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.


















