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26 Apr 2016
EUR/GBP drops below Monday’s lows
The pound is rising for the eighth trading day in a row against the euro. Today EUR/GBP reached a fresh 1-month low after breaking below 0.7750. The pair bottomed at 0.7734 and it was at 0.7740/45, down 30 pips from yesterday’s closing price.
EUR/GBP about to test 0.7700
The pair continues to retreat from 21-month highs. From April highs, it has fallen approximately 375 pips and is now approaching another important support that is the 0.7700 area.
The mentioned area offered support in March and during the second half of February. A significant close below could open the doors to a bigger decline, potentially toward the next medium-term support located around 0.7400 - 0.7450.
To the upside, the euro might find resistance at 0.7830/40 and then 0.7930 (Feb highs / 20-day moving average).
EUR/GBP about to test 0.7700
The pair continues to retreat from 21-month highs. From April highs, it has fallen approximately 375 pips and is now approaching another important support that is the 0.7700 area.
The mentioned area offered support in March and during the second half of February. A significant close below could open the doors to a bigger decline, potentially toward the next medium-term support located around 0.7400 - 0.7450.
To the upside, the euro might find resistance at 0.7830/40 and then 0.7930 (Feb highs / 20-day moving average).