EUR/GBP - Highest In A Year And Test Of Important Resistance
FxGrow | Feb 09, 2016 06:17AM ET
EUR/GBP
Since a mid-November EUR/GBP moved in an uptrend. Currently demand has tough work to do, which is break above resistance at 0.7760. If it succeeds, price should gain 250 pips and reach another resistance 0.8030. However if supply is stronger nearest supports will be located at levels: 0.7540, 0.7420.
Wider view, time-frame W1
To see the current strength of the resistance you should take a look at a weekly time-frame. That level was "in game" many times before (years: 2008, 2012, 2014) and made rebounds. Current attempt could be successful, but you shouldn't expect that it will be fast. It is likely that right now we will see a shallow rebound or a side trend below resistance.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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