EUR/GBP finds resistance near 0.7900 and turns to the downside

By FXStreet The pound managed to erase losses against the euro and printed a fresh daily high. EUR/GBP found resistance near the 0.7900 area and turned to the downside.

EUR/GBP still in ranges

On a wider perspective the pair continues to move sideways, as it has been the case since May 5 approximately between 0.7855 and 0.7925 within two minor ranges. Currently is moving in the lower one, with support at 0.7855 and resistance at 0.7895. The other range is seen between 0.7895 and 0.7925/30 (last week highs).

Today the pair climbed to test 0.7895 but it failed to break higher and weakened. Recently it printed a fresh daily low at 0.7861 as GBP/USD extends gains above 1.4400.

About to test relevant support

The pair is approaching the 0.7850/60 area that become a key short-term support over the last two weeks. A solid break below would expose 0.7800; if it continues to decline the next support level to consider could be located at 0.7735/40 (Apr 26 & 27 low).
For more information, read our latest forex news. …read more

Source:: FX Street