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EURGBP rally stalls and reverses below 0.80

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURGBP has staged a strong rally from the November 2015 lows of 0.6981 to rise in an ascending channel to reach a high of 0.8116 last week on April 7. Prices have since reversed lower after failing to close above a key level at 0.8091. This is the 61.8% Fibonacci retracement level of the downleg from 0.8813 to 0.6935 (February 2013 to July 2015 decline). This has acted as a strong resistance level that was tested a few times until prices lost momentum and fell to 0.7960 on Tuesday and are

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