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Forex: EUR/GBP establishing fresh session highs at 0.8434/40

FXstreet.com (Barcelona) - The EUR/GBP has moved to session highs in recent minutes, capping an otherwise solid rebound off of the 0.8411 level during European trading Friday. With renewed momentum, the cross has pared its losses and is inking highs at 0.8434/40 at the time of writing, securing an advance of +0.30%.

Briefing the technical levels, the Mataf.net analyst team identifies the next short-term resistances for the EUR/GBP at 0.8461, then 0.8510, and finally 0.8539. Alternatively, a paring of gains will result in a testing of supports at 0.8383, onto 0.8354, and finally 0.8305.

“Despite the fact that the pair fell sharply yesterday after failing at 0.8500 resistance, the EUR/GBP has retested the 0.8400 area, which is the main downside support. Accordingly, we prefer to move to the sidelines for now, and monitor how price reacts to this area.” notes the ICN.com Technical Analyst Team.

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