EUR/GBP Struggling to Find Grip at Support

20 Jun

The EUR/GBP cross recently shook hands with support made up of Fibonacci ratios between £0.8408 and £0.8434 (consisting of 78.6% and 88.6% retracement ratios and a 1.618% projection ratio). While buyers have attempted to make a stand from the aforementioned area, the trend has largely favoured bears since November’s top (2023) at £0.8766. A clear descending resistance also warrants attention overhead that may discourage buying, extended from November’s peak.

Given the current structure/trend, traders (and investors) may watch the descending resistance – as well as resistance marked above at £0.8500 – for selling opportunities over the coming weeks.