Moving sideways.
• EUR/GBP is now pausing after unsuccessfully
challenged its key support at 0.8304.
Resistances for a temporary rebound are given
by 0.8500 (intraday high) and 0.8512
(18/04/2017 reaction high). The short-term
technical structure is negative as long as the
resistance at 0.8596 holds. Expected to show
renewed weakness.
• In the long-term, the pair has largely recovered
from recent lows in 2015. The technical structure
suggests a growing upside momentum. The pair
is trading above from its 200 DMA. Strong
resistance can be found at 0.9500 psychological
level.
(By Peter Rosenstreich )
