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EUR/GBP: Major Levels 0.7380 and 0.7354
The EUR/GBP pair has been ranging between the levels of 0.7408 and 0.7349, since the 29th of December 2015.
On Wednesday, the pair initially rose up to 0.7387 and then fall down to 0.7349 to end up forming a hammer. Today, the pair moved on the sidelines between the levels of 0.7379 and 0.7354. In the event where the sellers keep exerting heavy pressures and the price breaks below 0.7349, the pair could decelerate down to 0.7344 and 0.7307 in extension.
Conversely, in the scenario where the price attempts to test yesterday’s highs again and the price breaks above 0.7382, the pair could rise up to 0.7388 and 0.7408 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.