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EUR/GBP - Monitor The Strong Resistance Area Between 0.8034 and 0.8066

EUR/GBP has risen sharply and is now close to the strong resistance area between 0.8034 and 0.8066 (10/09/2014 high, see also the declining channel). A phase of weakness is likely. Hourly supports now stand at 0.7961 (intraday high) and 0.7936 (15/10/2014 low).

In the longer term, the underlying downtrend favours a test of the major support area between 0.7755 (23/07/2012 low) and 0.7694 (20/10/2008 low) at minimum. A decisive break of the resistance at 0.8034 (25/06/2014 high) is needed to suggest some exhaustion in the medium-term selling pressures.

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