EURGBP Continues to Hold Above Key Support
Hi traders, today we are looking at the EURGBP as buyers continue to hold out above a key level of support. This level has been in play since January 2023.
The level we are talking about is at .8730, which also runs down to .8720. This area is seen as a key level, and if you switch over to the weekly chart, you will also see this level very clearly. It’s good to see support levels on multiple timeframes, it can also be seen on the 4hr, but we are watching primarily from the daily.
After yesterday’s failed test lower, buyers have control today. We would like to see a new move to test or break .8808. This move would not only continue to confirm support but could also break the current downtrend and start to confirm a breakout of a descending triangle pattern. If we see an upwards break, we will look at the two higher red resistance points as possible rejection areas.
If sellers regain control and take the price back to support, this is a worry and could suggest buyers’ numbers are not that strong, and sellers could be looking at new lower tests.
Do buyers have the number to continue today’s move higher?
EURGBP D1 Chart 
Good trading.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.