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EUR/GBP - Breaking Resistance At 0.8707

By - Mar 10, 2017, 6:12 AM CST

EUR/GBP has pushed higher towards strong resistance at 0.8707 (18/01/2017 high) which has been broken. We rule out further weakness towards supports given at 0.8450 (03/01/2016 low) and at 0.8304 (05/12/2016). Expected to pause below resistance at 0.8707.

In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 psychological level.

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