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EUR/GBP offered near daily highs, back below 0.77

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/GBP pair was offered once again around the daily high of 0.7714 set earlier today and now trades slightly below 0.77 handle.

    Double top on Intraday charts

    The pair’s drop from 0.7714 and a rebound from 0.7690, followed by a failure again at 0.7714 indicate the cross has formed a double top formation on the 15-min technical chart with neckline support at 0.7690.

    The upside in the pair was capped by the moderate gains in the European stocks. The focus now is on the US non-farm payrolls release.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7714 (daily high), above which the cross could test 0.7755 (Jan 20 high). On the other hand, a break below 0.7666 (Jan 27 high) could see the pair slide to 0.7615 (10-DMA).
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