EUR/GBP Could be Eyeing to Surpass 0.7900 Level

EUR/GBP Could be Eyeing to Surpass 0.7900 Level

2 May 2016, 12:42
Roberto Jacobs

EUR/GBP Could be Eyeing to Surpass 0.7900 Level

The EUR/GBP pair spiked to day’s high of 0.7862 as bulls continues to lift the EUR/USD pair higher to fresh 2016 highs.

The Euro's relative out performance continues to boost the pair further above 0.7800 handle, which had been acting as a stiff resistance during majority part of the previous week. The pair, on Friday, managed to break through this important resistance and added some more weight on Monday to clear an intermediate resistance near 0.7850 level.

Technical levels to watch

From current levels, the pair seems to continue inching higher towards testing its immediate horizontal resistance near 0.7880-85 region. Momentum above this immediate resistance seems to continue boosting the pair, lifting it beyond 0.7900 round figure mark towards its next major resistance near 0.7920-25 zone.

On the flip side, weakness back below 0.7850 level could possibly drag the pair back towards 0.7810-0.7800 handle resistance break-point, which if broken might negate possibilities of any near-term up-move for the pair.


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