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EUR/GBP held sideways ahead of tuff resistance

FXstreet.com (London) - EUR/GBP have been held sideways, with a slight bias to the upside, for a number of days while GBP has lost most ground out of the pair to the dollar. However, there is very little expected in Sterling at the moment, reflected in a subdued EUR/GBP cross.

Ahead lies resistance at the top of the cloud at 0.8615 and the April highs there after, 0.8637 targeting Feb highs above 87.00. Given the number of attempts at 0.8600, a bearish candle formation is evident on the charts and a minor correction could be imminent. Support is at 0.8530 and 0.8500 to give way for 0.8405 and lower.

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