EURGBP spikes higher to swing area resistance

Technical Analysis

Author: Greg Michalowski | eurgbp

The GBP tumble is sending EURGBP sharply higher.

The GBP tumble is sending EURGBP sharply higher.
The shortfall in the GBPUSD on the back of the EUs Sefcovic comments (CLICK HERE), has sent the EURGBP sharply higher.

The pair has moved up to a resistance swing area between 0.8626 and 0.86295 (see red numbered circles). The 61.8% retracement of the move down from the May 25 high to the June 4 low is also in that area.  

So far, sellers have leaned against that area.  A move above would tilt the bias more to the upside with traders targeting the high from June 2 at 0.86388 followed by the swing area between 0.8642 and 0.86486. The might as well add the falling 100 day moving average at 0.86511 as a potential upside target.

Moving back below the midpoint of the aforementioned trading range at 0.86168, would take some of the steam out of the buyers enthusiasm.
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