EUR/GBP: Pair To Test Resistance?
| Feb 28, 2022 06:07AM ET
Looking at EUR/GBP chart, we can see that it has been trading in a channel for the past week, swinging from the 0.831 support level to the 0.838 resistance but mainly trading steadily in the 0.834 range for most of the previous week.
It managed to break the 0.838 resistance level on Friday, reaching as high as 0.84. Early during today’s session, due to high volatility and uncertainty about the Russian invasion, it opened with a gap down, pushing the price back down to the 0.834 range. It is currently trading at the 0.836 price range, with the closest support level at 0.831.
Today we could expect a move towards and above the 0.838 resistance level. If however, it doesn’t manage to hold above the 0.836 range then a move towards the 0.831 closest support could be expected.
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