Ahead of today’s eurozone CPI inflation report (9 am GMT), the EUR/GBP cross is approaching an interesting resistance level of £0.8500.
What makes this level a worthwhile watch is that the base is complemented by several additional resistances.
These resistances include the potential ascending resistance line, drawn from the low of £0.8493, which, as you can see, is nestled just north of the noted horizontal resistance level. You will also note that we have a resistance area at £0.8533-£0.8500, as well as an AB=CD resistance at £0.8513 (depicted by a 100% projection ratio) that’s closely shadowed by a 38.2% Fibonacci retracement ratio and a 50.0% retracement ratio at £0.8521, respectively.
Supporting a reaction from the technical confluence between £0.8533 and £0.8500 is the trend. The overall bias has been to the downside since late 2023, with defined lower lows and lower highs being seen since April this year.
What makes this level a worthwhile watch is that the base is complemented by several additional resistances.
These resistances include the potential ascending resistance line, drawn from the low of £0.8493, which, as you can see, is nestled just north of the noted horizontal resistance level. You will also note that we have a resistance area at £0.8533-£0.8500, as well as an AB=CD resistance at £0.8513 (depicted by a 100% projection ratio) that’s closely shadowed by a 38.2% Fibonacci retracement ratio and a 50.0% retracement ratio at £0.8521, respectively.
Supporting a reaction from the technical confluence between £0.8533 and £0.8500 is the trend. The overall bias has been to the downside since late 2023, with defined lower lows and lower highs being seen since April this year.
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