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EUR/GBP - The Key Support at 0.8304 Has Held Thus Far

EUR/GBP remains weak but has thus far successfully challenged its key support at 0.8304. Resistances for a temporary rebound are given by 0.8388 (intraday high) and 0.8512 (18/04/2017 reaction high). The short-term technical structure is negative as long as the resistance at 0.8596 holds. Expected to show continued weakness.

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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