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Forex pairs in this Article » EUR/GBP (New York) - The EUR/GBP technical cross recently fell off the 0.8480 handle, edging lower during US trading Wednesday.

EUR/GBP shows resilience on downside

“From a longer-term perspective, there has been a recent inability for the EUR/GBP to make any significant new lows below the support at 0.8411 and the break of the short-term declining trendline favor a base formation. Therefore, we suggest to monitor the resistance area between 0.8597 (24/05/2013 high) and 0.8637 (17/04/2013 high).” notes Bijoy Kar, an analyst at MIG Bank.

EUR/GBP operating above first support

Technically speaking, the pair is operating at 0.8473, or a tepid -0.08% in these moments. The EUR/GBP will look towards supports at 0.8467, then 0.8447, and finally 0.8425. Alternatively, a movement higher will initiate resistances at 0.8509, onto 0.8531, and 0.8551, calculates the analyst team.
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