EUR/GBP: Persistent Selling Pressures Underway
EUR/GBP continues to consolidate near the key support at 0.7961 (08/11/2012 low). A break of the hourly resistance at 0.8033 (intraday low) is needed to indicate some exhaustion in the selling pressures. Other hourly resistances are given by 0.8065 (12/06/2014 high) and the declining trendline (around 0.8082).
In the longer term, the break of the key support area between 0.8082 and 0.8065 (05/06/2014 low) opens the way for a full retracement of the rise that started at 0.7755 (23/07/2012 low). A break of the resistance at 0.8184 (14/05/2014 high) is needed to suggest some exhaustion in the long-term selling pressures.