Search ForexCrunch
  • Correction in EUR/GBP from monthly highs finds support around 0.9000.
  • Technical indicators starting to favor the upside, euro to gain momentum above 0.9070.

The EUR/GBP pair reached levels under 0.9000 on Friday but it quickly rebounded back above. On Monday it surged, recovering levels above 0.9050. The move higher was capped by 0.9070.

The euro completed a pullback to the 0.9000 area and it rebounded. A consolidation above 0.9070 could activate more gains in line with the dominant trend. The next resistance stands at 0.9100 followed by 0.9130.

A firm decline below 0.9000 would clear the way for an extension of the bearish correction from 0.9176 (June 29 high), with the immediate target at 0.8940.

EUR/GBP 4-hour chart