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Forex: EUR/GBP testing 0.8500 barrier

FXstreet.com (Barcelona) - The EUR/GBP has been on the move this morning during European trading Friday, having bottomed out earlier at 0.8494 (session low) before making a failed recovery attempt at the 0.8506 level. However, in recent moments the cross has once again turned downwards to trade at the 0.8500 level, testing this barrier and incurring a loss of -0.17%.

The EUR/GBP continues to hover below 0.8575 (previous neckline for a double top and the 50-days SMA), while on the other hand above the short-term support level at 0.8500. We prefer to see another push higher towards 0.8575-0.8600, or a break below 0.8500 to expect a bearish move. At the current levels we prefer to remain on the sidelines.” notes the ICN.com analyst team.

The Mataf.net analyst team calculates supportive measures at 0.8502, ahead of 0.8488, and ultimately 0.8471. Conversely, the EUR/GBP will meet resistance if it edges higher to 0.8533, then 0.8550, and finally 0.8564.

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