EUR/GBP approaches support levels

Source: Dukascopy Bank SA


On November 5 and 8, the EUR/GBP currency exchange rate bounced off a resistance zone at 0.8585/0.8595. The decline is attributed to the fact that the zone that surrounds the 0.8600 mark has been impacting the rate throughout the last half year.

The target for the decline was the combination of the 0.8510/0.8513 zone and the 50 and 200-four hour simple moving averages. Moreover, the 0.8500 mark might act as a support level.

A recovery from the mentioned support levels could once again test the resistance near the 0.8600 mark. Above the 0.8600 level, the upper trend line of a large channel down pattern might provide resistance. The channel captures the rate's movements since February 2021.

A passing of the support levels near 0.8500 might reach the October low level zone at 0.8405/0.8420. However, take into account that the 0.8450 round exchange rate level might act as support.
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