EUR/GBP: Pair Could Move Below Support
| Jan 11, 2022 08:14AM ET
Looking at EUR/GBP chart, we can see the retraction from the 0.839 range on Jan. 5 to the 0.834 range and the formation of the 0.833 support level, which held strong the following days, fending off multiple attempts for breakdown.
The pair formed overhead resistance around the 0.837 price range, which also appears to be solid, as, on three occasions, it prevented a breakout. It is currently trading at the 0.834 range, close to the 0.833 support level.
Today we could expect a move towards and possibly below the 0.833 support level, ending the weeklong channel. If, however, it manages to hold above the 0.834 range, then a move towards the resistance of 0.837 is likely.
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