EUR/GBP Technical Analysis: Buyers clear 3-week long resistance after sudden uptick in Euro

EUR/GBP is on the bids around 0.8645, a tick beyond the three-week-old descending trend-line resistance during early Friday.

Should the pair manage to sustain 0.8640 trend-line breaks, it can aim for 50% Fibonacci retracement of February – March declines, at 0.8655, whereas 61.8% Fibonacci figure of 0.8700 and 0.8720-25 resistance area could challenge buyers afterward.

In a case prices continue rising past-0.8725 then 0.8740, 0.8770 and 0.8800 could become Bulls’ favorites.

On the contrary, pair’s dip beneath 0.8640 highlights the importance of immediate support-line near 0.8610 and then 0.8600 round-figure.

During further declines beneath 0.8600, 23.6% Fibonacci retracement of 0.8555 and another ascending trend-line at 0.8520 can act as buffers ahead of highlighting the 0.8500 and 0.8470 supports.

EUR/GBP 4-Hour chart

Trend: Bullish