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FxWirePro: EUR/GBP edges lower from strong trendline resistance at 0.7850, further bullishness only on break above

Our EUR/GBP call ( http://www.econotimes.com/FxWirePro-EUR-GBP-breaks-trendline-resistance-hits-new-yearly-highs-at-07787-good-to-buy-dips-157649) has hit targets.

  • Price action in EUR/GBP hit highs at 0.7850 before edging lower to currently trade at 0.78 levels.
     
  • The pair has strong trendline resistance currently at 0.7860, and further bullishness can be seen on breaks above, tests of 0.79 and then 0.8040 levels likely.
     
  • Market focus remains on UK manufacturing production data due later today for clues on further direction.
     
  • Immediate resistance for the pair lies at 0.7850 (Feb 9th highs) and then at 0.7860 (rising trendline).
     
  • Support on the downside lies at 0.7745 (5-DMA) and further below at 0.7730 (Feb 9th lows)

 

  • Market Data
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