EURGBP tests a cluster of of resistance

The EURGBP EUR/GBP The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur Read this Term - after moving lower in the Asian session - has seen a reversal to the upside.

That move has now taken the price to a cluster of resistance defined by the:

• 38.2% retracement of the range since the July 21 high. That level comes in at 0.8432.
• 200 day moving average at 0.84357
• 100 hour moving average at 0.84381
• 200 hour moving average at 0.84387

The cluster of technical levels within 3 pips of each other should give traders cause for pause. Sellers looking for a low risk trading level can lean against the area, with a stop above.