EUR/GBP Technical Analysis: Break of 0.8625 can validate pullback from 9-week old resistanceline

The EUR/GBP pair trades near 0.8640 during early Asian sessions on Monday. Despite reversing from a downward sloping trend-line stretched since February 20, the quote couldn’t decline further as an immediate ascending support-line question the sellers.

Should prices drop under 0.8625 trend-line support, 0.8590 and 0.8530 are likely following numbers to reappear on the chart.

During the quote’s additional downturn past-0.8530, 0.8500 and 0.8470 might entertain bears.

In a case, buyers manage to conquer 0.8650 resistance-line, 0.8670 and 61.8% Fibonacci retracement of February – March downside, at 0.8700 now, could become their next targets ahead of confronting the 0.8740 resistance-line.

Given the increasing upside momentum beyond 0.8740, 0.8770, 0.8800 and 0.8840 could come back as quotes.

EUR/GBP 4-Hour chart

Trend: Pullback expected

    1. R3 0.8707 
    2. R2 0.8682
    3. R1  0.866
  1. PP  0.8636 
    1. S1 0.8614 
    2. S2 0.8589 
    3. S3 0.8567

 

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