Photo by John McArthur on Unsplash
Looking at EURGBP Chart, we can see that it has been trading in a channel for the past week, swinging from the 0.831 support level to the 0.838 resistance but mainly trading steadily in the 0.834 range for the most part of the previous week. On Friday it managed to break the 0.838 resistance level, reaching as high as 0.84 but early on today’s session, due to high volatility and uncertainty in relation to the Russian invasion, it opened with a gap down, pushing the price back down to the 0.834 range. It is currently found trading at the 0.836 price range with the closest support level at the 0.831 level.
Today we could expect a move towards and above the 0.838 resistance level.
If however, it doesn’t manage to hold above the 0.836 range then a move towards the 0.831 closest support could be expected.
(Click on image to enlarge)
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