EURGBP: The resistance area near 0.8471 has been breached

Saturday, October 12, 20130 comments


EUR/GBP has breached the resistance area given by 0.8471 and the declining channel. A further rise towards 0.8589 (the implied target from the double-bottom) is expected as long as the support at 0.8422 (04 October 2013 low) holds. Another support stands at 0.8333 (01 October 2013 low).

As long as prices remain below the resistance area given by 0.8471 (23 September 2013 low) and the declining channel which is around 0.8486, the technical configuration since the annual high at 0.8815 is viewed as a part of a larger corrective phase. Another support can be found at 0.8225 (28 December 2012 high).
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