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Forex: EUR/GBP testing 0.8500 barrier

FXstreet.com (Barcelona) - The EUR/GBP bounced nearly 10 pips off the 0.8487 level in recent minutes, pushing the pair higher into positive territory Tuesday. The cross is now testing the 0.8500 level in these moments, operating at +0.16% above its opening during European trading.

Briefing the technicals, Mataf.net analysts point to supportive means for the EUR/GBP at 0.8451, onto 0.8405, and ultimately 0.8379. Conversely, a break above the 0.8523 handle will initiate resistance at 0.8549 and 0.8595.

In Spain, the Consumer Price Index (YoY and MoM) came in at +1.4% in April (matching expectations of +1.4%) and +0.4% in April (against projections of +0.4%) respectively.

According to the ICN.com analyst team, “The EUR/GBP pushed higher towards the 0.8500 horizontal resistance, just below the main descending resistance for the bullish reversal falling wedge pattern. As such, one more step remaining to confirm further upside, through breaking 0.8500 area and the resistance of the wedge.”

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