EUR/GBP stays in the hunt of a further upside correction

Technical Analysis

Author: Justin Low | eurgbp

EUR/GBP keeps slightly higher near 0.8650 on the session

EUR/GBP D1 08-04
Invest in yourself. See our forex education hub.
The pair continues to try and build further momentum after seeing its best daily performance this year on Tuesday, extending that move yesterday in a push above 0.8600.

The upside move stalled as the daily close fell short of breaking the 23 March high @ 0.8645 and that is once again the key resistance level to watch today.

We are seeing buyers test waters above that during the session but the high today (0.8658) isn't quite extending towards yesterday's high closer to 0.8663.

That suggests the key daily resistance above is still in play - for now at least.

If buyers can break through that, the upside correction is likely to extend further towards 0.8700. In turn, that should put more pressure on the pound. Cable has already seen its gains earlier erased in a move from 1.3780 to 1.3740 currently.

That said, if sellers can keep a lid on EUR/GBP price action here, a short-term double-top may yet provide a technical basis for light pound gains going into mid-April.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose