EUR/GBP: Looks set to test 0.8170/0.8230 - Lloyds Bank

EUR/GBP: Looks set to test 0.8170/0.8230 - Lloyds Bank

4 April 2016, 20:11
Vasilii Apostolidi

Analysts from Lloyds Bank point out that EUR/GBP bias remains to the upside and it looks set to test the region around 0.8170 - 0.8230.

“A clear breakout and extension from the recent 0.7665-0.7925 trading range, sees us test next resistance around .8030/40. Intra-day studies are a little overbought suggesting a pullback can develop from this area, with initial support seen at 0.7935-10, ahead of more important daily support around 0.7830/20.”

“While these supports hold the rally from the 0.6935 lows set in July 2015 remains intact and looks set to test the more meaningful resistance in 0.8170-0.8230 region. This is very strong resistance and the ideal region to see the upside capped for a drop back into a broader medium-term range around 0.7500. If the 0.82 region is clearly breached the risks are for a stronger move towards 0.87/0.88.”

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