EUR/GBP: Challenging The Support at 0.8082
EUR/GBP is challenging the support at 0.8082. A break of the hourly resistance at 0.8145 (21/05/2014 high) is needed to negate the current short-term bearish trend. An initial resistance lies at 0.8112 (22/05/2014 high).
In the longer term, the decisive break of the key support area between 0.8168 and 0.8158 (see also the 61.8% retracement of the mid-2012 rise) confirms an underlying downtrend. A break of the resistance at 0.8191 (28/02/2014 low) is needed to suggest some exhaustion in the medium-term selling pressures. Supports stand at 0.8082 and 0.7961 (08/11/2012 low).