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Forex pairs in this Article » EUR/GBP (New York) - The EUR/GBP technical cross has rallied higher Tuesday, breaking into positive territory and threatening the 0.8600 level.

EUR/GBP cannot breach 0.8600 barrier

At the time of writing, the EUR/GBP has edged higher to the 0.8590 level, still below its earlier highs at 0.8597. Presently however, the cross is notching a +0.04% advance, after a rapid recovery during US trading. The analyst team has identified the next short-term measures of resistance at 0.8602, then 0.8621, and 0.8648. Alternatively, support lies below at 0.8556, then 0.8529, and ultimately 0.8510.

EUR/GBP still looks to break higher

According to the Analyst Axel Rudolph at Commerzbank, “The EUR/GBP nears resistance at 0.8596/97 (the May high and cloud resistance). However, very shortly the cloud will thin and the risk of a break out from the 0.8470-0.8597 range will increase. Following repeated tests and recovery off 0.8470 the favored direction is still for a break higher.”
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