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EUR/GBP - Fallen Back to Support
Posted on February 20, 2009 at 14:38 in Analysis by James Chen

EUR/GBP Daily ChartPrice action on the displayed EUR/GBP daily chart has reverted once again back to the dynamic support offered by a key uptrend support line extending from the late October low just below 0.7700. After hitting a peak of 0.9800 in late December, price has fallen in a series of bearish waves with substantial bullish retracements, through support level after support level. At the current juncture, if the uptrend support holds and price bounces, the 0.9070 region should serve as significant upside resistance. Any breakdown below the current uptrend line should meet immediate further support in the 0.8650 price region.

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