Since a mid-November EURGBP moved in an uptrend. Currently demand has a tough work to do, which is break above resistance at 0.7760. If it succeeds price should gain 250 pips and reach another resistance 0.8030. However if supply is stronger nearest supports will be located at levels: 0.7540, 0.7420.


Wider view, time-frame W1

To see the current strength of the resistance you should take a look at a weekly time-frame. That level was “in game” many times before (years: 2008, 2012, 2014) and made rebounds. Current attempt could be successful, but you shouldn’t expect that it will be fast. It is likely that right now we will see a shallow rebound or a side trend below resistance.


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