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EUR/GBP - Setting Lower Highs

By - Jul 29, 2015, 5:52 AM CDT

EUR/GBP has bounced back from its 8 year low. Support is given at 0.6536 (23/01/2007 low) and hourly resistance can be found at 0.7251 (16/06/2015 high). The short-term structure still shows a downside momentum as the pair is setting lower highs.

In the long-term, prices are in an underlying declining trend. 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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