The British currency was denied to move further down, after investors started to show more support towards the Hegemonic currency in the European trading session. The pair has presently recovered over 40 pips to the upside, jumping above 0.8300.
Earlier on, EUR/GBP was propelled to the downside, reaching an intra-day low at 0.8266, but far from reaching a fresh 1-month low at 0.8247 first touched on Monday. Over the last 2 hours, the course drifted north, driving the pair to 0.8310, as the Euro pared yesterday's losses.
Resistance is likely to be found at the following levels “0.8350/60~ * congestion, mid range, 0.8325 2 Aug high ahead of 0.8300 current 3 Aug high. Support may be taken at 0.8252 2 Aug low, 0.8242 * 61.8% Jul rally ahead of 0.8217 2 Jul low” commented the 4CAST analysis team.
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