Forex: EUR/GBP undecided below 0.8150

FXstreet.com (Barcelona) - EURGBP is last at 0.8138, off recent daily and session lows at 0.8115, on the back of Euro weakness, being flat since previous Asia-Pacific open yesterday, with a fresh 7 ½ month high in between at 0.8168, printed in early NY trade. The cross is also flat for the week so far.

Many analysts are calling for a potential inverted head and shoulders pattern in the daily chart, but besides it is losing its symmetry, as right shoulder is already double, while the left one it was not, formed around May, the supposedly neck line, it has been very resilient so far, rejecting the upside above 0.8150 for three times already in last 2 months. Current doji candle in the weekly chart shows that indecision in the market.

Immediate resistance to the upside for EURGBP shows at Tuesday's high 0.8145, followed by Monday's highs 0.8157, and yesterday's and fresh 7 ½ month highs at 0.8169. To the downside, closest support lies at previous weekly lows 0.8115/2, followed by Dec 04 lows at 0.8099, and Nov 15 highs at 0.8065.