EURGBP – return above important support area 0.7710 – 0.7760

EURGBP is above very important support – area 0.7710 (support from 2008) and 0.7760 (support from 2012, 2014). Since the beginning of February there was a correction of previous strong upward movement. Today demand is trying to finish it. Price is approaching 0.7800 and after breakout of that resistance price will move in direction of 0.7920.

It is a good sign for bulls that price is still above indicated support. Break above resistance at 0.7920 will finally confirm the strength of the bulls. Alternatively falls below 0.7710 will cause further declines to 0.7540.

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