EUR/GBP Weak Bounce

EUR/GBP Weak Bounce

EUR/GBP is still weak after declining from 0.8723 high and heading along the 0.8628 range. EUR/GBP bearish pattern started in March is reinforced. Hourly support at 0.8652 (08/06/2017) is now broken while hourly resistance at 0.8834 (14/12/2017 high) is distanced. The technical structure suggests short-term decrease.

In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading below its 200 DMA



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