EUR/GBP - Surging Higher Through its August Peaks
EUR/GBP have broken a series of minor resistance area between 0.7930 (18/18/2014 high) and 0.8018 (27/06/2014 high), opening the way for a further short-term rise towards the strong resistance at 0.8034. Hourly supports can be found at 0.7998 (08/08/2014 high).
In the longer term, the break of the key support area between 0.8082 (01/01/2013 low) 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). Another strong support stands at 0.7694 (20/10/2008 low). A break of the resistance at 0.8034 (25/06/2014 high) is needed to suggest some exhaustion in the medium-term selling pressures.