According to analysis from March 24 EURGBP is continuing upward movement after breaking resistance at 0.7910 level. In previous week there was a shallow correction and price quickly returned to upward movement. It has to be noted that price movement since last 1,5 month took a form of triangle. That triangle was broken above according to previous direction of movement.
EURGBP has reached to another important resistance, which is at 0.8000 – 0.8040 area. If that resistance will be broken which is very likely, next target for demand is located at 0.8150. At this level coincides resistance with long term downtrend line which connects highs since January 2009. I’ve marked it at the chart (time-frame W1). Nearest resistances: 0.8000 – 0.8040, 0.8150. Nearest supports: 0.8000, 0.7910, 0.7860, 0.7800.
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Time-frame H4
Time-frame W1
