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.
