EURGBP → Attempting to break through the resistance.

25 Okt

EURGBP is breaking wedge resistance and consolidation resistance after prolonged consolidation. The reason is the change of the local euro rate.

If the bulls are able to keep the defense above 0.8346, then in perspective the currency pair will be able to move into the realization phase, which will allow the price to reach 0.838 - 0.842.
The fundamental background for both countries is similar. The general course of interest rates reduction and dependence on the growing dollar. But the local sentiment allows pointing to a more positive mood among those willing to buy EUR.

Resistance levels: 0.8346, 0.8384, 0.842
Support levels: 0.8316

The price is in the risk zone, where there is a struggle between the participants. The focus is on the buyer. If he can consolidate his positions above the previously broken wedge resistance, then above the consolidation resistance at 0.8346, it will be the beginning of realization.

Regards R. Linda!