EUR/GBP: Remains in its Declining Channel
EUR/GBP continues to move within its declining channel. A key resistance stands at 0.8158 (19/05/2014 high, see also the declining channel). Thursday's bullish reversal has created a significant support at 0.8065 (05/06/2014 low).
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).