EURGBP falls back to lower end of range

April 9, 2015

EURGBP is in a range and the near-term bias remains neutral. Resistance lies at the top of the range at 0.7384 and to the downside immediate support is at 0.7221. A break below this would bring the bias back to the downside and see a retest of the multi-year low of 0.7013 reached in March. If this support level fails to hold, a move lower would strengthen the downtrend that occurred from 0.8005 to 0.7013.

The market has found resistance from the Ichimoku cloud and also the RSI has fallen back into bearish territory below 50 so prices are at a critical juncture at the moment. Falling below 0.7221 would complete a double top reversal pattern. Alternatively, if prices move out of the range above 0.7384, there is scope to target 0.7591 and this event would weaken the overall bearish outlook.

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