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EUR/GBP - The Resistance at 0.7459 Has Been Broken

EUR/GBP is showing no signs of weakening after minor pullback yesterday breaking its resistance at 0.7459 (09/02/2015 high). As a result, increases the likelihood of further shortterm strength. Resistance can be found at 0.7592 (01/05/2015). Hourly support is at 0.7420 (01/05/2015) and 0.7301 (01/05/2015 low).

In the long-term, prices are in an underlying declining trend. However, the potential successful test of the key support at 0.7089 (03/12/2007 low) and the general oversold conditions suggest a limited medium-term downside potential. A key resistance lies at 0.7592 (03/02/2015 high).

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