EUR/GBP Gains StrengthEUR/GBP is rising and might climb above the 0.8755 resistance.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is gaining pace and trading above the 0.8720 zone.
· There is a major rising channel forming with support near 0.8735 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8650 zone. The Euro traded above the 0.8690 resistance level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and 0.8720. The pair traded as high as 0.8755 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8692 swing low to the 0.8755 high.
There is also a major rising channel forming with support near 0.8735 and the 50-hour simple moving average. The next major support is near the 61.8% Fib retracement level of the upward move from the 0.8692 swing low to the 0.8755 high at 0.8720.
A downside break below the 0.8720 support might call for more downsides. In the stated case, the pair could drop toward the 0.8690 support level. Any more losses might call for an extended drop toward the 0.8650 pivot zone.
The EUR/GBP chart suggests that the pair is facing resistance near the 0.8755 zone. A close above the 0.8755 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8800. Any more gains might send the pair toward the 0.8850 level.
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