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Forex: EUR/GBP in highs above 0.8600

The pair is inching higher on Tuesday, as renewed strength in the euro is pushing the cross beyond 0.8600 in collaboration with the recent weakness in the sterling.

According to I.Spivak, Currency Strategist at DailyFX, “Prices are recovering to test above resistance at 0.8595, the 23.6% Fibonacci expansion. A break upward initially targets the 38.2% level at 0.8687. Near term support is at 0.8446, the February 8 low.”

At the moment, the pair is up 0.66% at 0.8617 with the next resistance at 0.8664 (high Feb.7) ahead of 0.8681 (high Feb.6) and finally 0.8701 (high Feb.4).
On the downside, a break of 0.8541 (low Feb.12) would aim for the psychological level at 0.8500 and then 0.8442 (low Feb.11).

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