EUR/GBP Met Resistance

EUR/GBP reached the resistance zone on Friday and is still consolidating in the same range. The Euro reached a high of 0.8642 against the Sterling and is now trading at 0.8627. The pair made a good move to the upside from 0.8421 in the end of February but now it is facing a strong resistance on the short-term at current market price.

If bulls manage to power through 0.8650 there is a great chance the rally will continue to a major bull target at 0.90 in the long-term.

If bears take advantage of the weak volumes indicating a market turn, the pair might end up depreciating to a major bear target at 0.84.

No major EUR/GBP news are scheduled for today, so we might see a continuation of consolidation.

Chart: EUR/GBP H4