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Forex: EUR/GBP finds support around 0.8590

The pair is suffering the weakness in the bloc currency and the sterling, dropping from today’s tops in the region of 0.8660/65 to lows in the area around 0.8590, where some buying interest showed up.

I.Spivak, Currency Strategist at DailyFX, suggested, “Prices broke above resistance at 0.8595, the 23.6% Fibonacci expansion. Buyers now target the 38.2% levels at 0.8687. The 0.8595 mark has been recast as support, with a reversal back below that aiming for the February 8 low at 0.8446”.

At the moment, the pair is down 0.66% at 0.8597 with the next support lying at 0.8572 (low Feb.13) ahead of 0.8541 (low Feb.12) and then 0.8535 (MA21d).
On the upside, a break above 0.8684 (high Feb.13) would accelerate the upside towards 0.8701 (high Feb.4) and then 0.8717 (2013 high Feb.1).

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