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EUR/GBP rebounds off lows to pare losses

FXstreet.com (Barcelona) - The EUR/GBP has been on the receiving end of a recovery movement that successfully moved off the 0.8542 level (session low) Tuesday, in a return to opening levels.

Mataf.net analysts point to the next short-term resistance levels for the EUR/GBP at 0.8571, then 0.8590, and finally 0.8606. On the decline, supportive structures will fortify the pair at 0.8536, ahead of 0.8520, and finally 0.8501.

In these moments, the EUR/GBP is now trading at 0.8559/61, operating at a marginal -0.01% decline during European trading. According to the Technical Analyst Team at ICN.com, “The EUR/GBP has been moving sideways for the past few days, after breaking the key resistance at 0.8500. The price is starting to a form a bearish pattern over the lower timeframe, where a break below 0.8535-0.8530 may extend the downside correction to 0.8500 level. However, the overall bullish bias remains probable.”

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