EUR/GBP looks capped
EUR/GBP’s attempt to break higher has been thwarted by today’s £0.8674 intraday high, near the 23 March high. Immediate upside pressure should be maintained, though, as long as the £0.8637 late March low underpins.
A rise above the 23 March high at £0.8679 is likely to encounter resistance in the £0.8685-to-£0.8686 band, though.
Good support below £0.8637 lies in the £0.8624-to-£0.8610 region.
Short-term outlook: neutral with a bullish bias while above the 1 May £0.8620 low
Medium-term outlook: neutral with a bullish bias while trading between its March £0.8612-to-£0.8789 extremes
EUR/GBP daily candlestick chart