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EUR/GBP rally capped at 0.8600

FXstreet.com (Barcelona) - The EUR/GBP bulled ahead Friday during European trading, however the movement was capped at the 0.8600 level.

According to the ICN.com Technical Analyst Team, “After completing a minor pullback towards 0.8528, the EUR/GBP resumed the bullish wave, heading towards the main upside target at 0.8600 and 0.8630 levels. The bullish setup remains intact, as price has broken out of the bullish falling wedge pattern and the 50-day SMA. Accordingly, we maintain our bullish view.”

At the time of writing, the pair is now settling at 0.8586/88, still recording an advance of +0.29% Friday. The EUR/GBP will face resistive measures at 0.8574, then 0.8594, and finally 0.8618. On the decline, a movement below 0.8540 will initiate supports at 0.8516 ahead of 0.8500, notes the Mataf.net analyst team.

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