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Forex pairs in this Article » EUR/GBP (Barcelona) - The EUR/GBP gapped up and made a few zigs and zags, but now is trading sideways at only slightly positive territory in the first session of the week – right at the 0.8631 resistance level.

British data later Monday will likely dictate direction for EUR/GBP

Mortgage approval, lending and consumer credit data from Great Britain is due out Monday morning at 08:30 GM. With a very slow day in terms of economic data out of Europe, the British data will be in the driver’s seat for the EUR/GBP on Monday.

Technical commentary on EUR/GBP

Technicians point out that this bounce in EUR/GBP took the cross up to the 38.2% Fibonacci retracement (of the most recent decline) line at 0.8631. The rally thus far has hit a wall at 0.8631 and those same technicians are calling for another shot lower with a projected target of 0.85141. Above 0.8631, the next to Fibonacci resistance levels are 0.8646 and 0.8661. Support for EUR/GBP comes in at last Tuesday’s low at 0.8581 and the 7/3 low at 0.8513.
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