EUR/GBP respects round levels

Source: Dukascopy Bank SA


In early March, the EUR/GBP currency pair shortly reached below the 2019 and 2020 low levels near 0.8280. Afterwards, a surge up to the 0.8500 mark occurred. On April 11, the currency exchange rate was trading near the 0.8350 mark. Meanwhile, it was spotted that throughout April, the pair was respecting the support and resistance of round exchange rate levels like 0.8300, 0.8350 and 0.8400.

A potential surge of the Euro against the Pound might encounter resistance in the 0.8400 and 0.8450 levels, before approaching a trend line, which connects 2021 high levels. In addition, note that the 0.8400 and 0.8450 levels are expected to be strengthened by the 100 and 200-day simple moving averages.

Meanwhile, a decline of the rate might look for support at 0.8350 and 0.8300, before approaching the 2019 and 2020 low levels at 0.8280. Further below, note the 2022 low level near 0.8200.
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