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EUR/GBP - Continued Short-Term Bullish Momentum

EUR/GBP continues its increase after breaking the symmetrical triangle. Hourly resistance given at 0.8545 (14/09/2016 high) has been broken. Key resistance lies at 0.8725 (16/08/2016 high) while hourly support can be found at 0.8535 (19/09/2016 low). The pair is still holding around 0.8500. Expected to bounce back lower.

In the long-term, the pair is currently recovering from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading far above from its 200 DMA. Strong resistance can be found at 0.8815 (25/02/2013 high).

Daily Technical Report

 

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