The dynamic gains on EURGBP that have been running for four consecutive weeks have led the pair higher than last year’s maximum. Thus the quotations are on levels that were last seen in 2009. Currently the area around 0.9261 is a resistance and perhaps the growth rate will be slightly slowed down.
As you can see on H4 chart below, bulls have not been able to close above that resistance yet. Support is located on few lower levels.The closest is the broken, upper limit of wedge formation than lower limit of the same formation, followed by a horizontal area close to 0.9142. On the other hand, if the resistance is successfully broken at 0.9261, the way to the October 2009 highs located in the vicinity of 0.9410 will be open.
