Looking at GBPEUR’s Chart, we can see the fall from the 0.848 level on the 21st of May to the 0.844 level, forming support which enabled the rebound back to the 0.848 on the 24th of May. Early morning of the 25th of May we saw the spike from the 0.848 range to the high of 0.858 but since there was no consolidation at that level the drop began, leading to the fall back to the 0.85 range where it appears to be stabilized. It was last found trading at the 0.851 range having the closest overhead resistance at the 0.853 and closest temporary support at the 0.846 range.
Today, we can expect a move towards the 0.854 range, challenging the closest overhead resistance of the 0.853 level.
If however, it doesn’t manage to hold to the current level then a move towards the 0.846 range can be expected.
(Click on image to enlarge)
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