EUR/GBP is headed towards a test of the VPC if resistance holds. Bulls need to overcome the 0.9150 resistance. EUR/GBP is in a technical bearish phase and has seen a strong rejection of familiar monthly resistance in the past week. At this juncture, while there may be scope for a move to the upside, the Volume Point of Control (VPC) is located at a weekly structure with the confluence of a 61.8% Fibonacci retracement level and 50-day moving average. The confluence of this zone combined with the monthly supply rejecting the price opens prospects of a continuation to the downside. Monthly chart Weekly chart Daily chart As illustrated, the monthly supply zone is strong and should the current resistance hold, then it is probable that the VPC will be retested at 0.9045. Demand could drive prices higher again from there to retest the overhead resistance structure. Such a move could possibly equate to a downside continuation at which point will open the chances of an upside test of the VPC. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD refreshes two-week top above 0.6750 amid calls of RBNZ’s inaction FX Street 1 year EUR/GBP is headed towards a test of the VPC if resistance holds. Bulls need to overcome the 0.9150 resistance. EUR/GBP is in a technical bearish phase and has seen a strong rejection of familiar monthly resistance in the past week. At this juncture, while there may be scope for a move to the upside, the Volume Point of Control (VPC) is located at a weekly structure with the confluence of a 61.8% Fibonacci retracement level and 50-day moving average. The confluence of this zone combined with the monthly supply rejecting the price opens prospects of a continuation to the downside. Monthly chart… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
