Spotlight on EURGBP. The latest daily technical analysis by AAATrade reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.
EURGBP
Looking at EURGBP 4-hour chart, we can see the past weeks attempt to change direction rising from the 0.853 range to 0.865 setting the high for this past month. However, no consolidation happened in that price range, leading to a wipe out of all the gains in the week that followed from that drop from the high
of 0.865 to the current support level of 0.847. Currently it is trading right on its temporary support level, trying to consolidate at the 0.847 price range.
Today, we could expect a fall below the support 0.847 towards the month’s long support of 0.845 where a bounce could be expected.
If however, manages to hold on to the current level, and consolidate above the support level, we could expect a move towards the 0.8515 resistance level.
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