EURGBP: The resistance area near 0.8471 has been broken

Monday, October 14, 20130 comments

EUR/GBP has broken 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. An initial support stands at 0.8462 (11 October 2013 low).

The break of the resistance at 0.8471 (23 September 2013 high) indicates an exhaustion of the medium-term bearish momentum. Even though the medium-term declining channel favors a mild bearish bias, a rise towards the resistance at 0.8652 is now favored.
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