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EUR/GBP faces strong channel resistance around 0.7150, trend reversal only above that level

Friday, July 3, 2015 11:41 AM UTC

RES 4: 0.7210 (Jun 22^nd high)

RES 3: 0.7180(200 day HMA)

RES 2 : 0.7140 (38.2% retracement of 0.7387 and 0.6986)

RES 1: 0.7102 (7 day 4H EMA)

PRICE: 0.7099@ 11:55 GMT

SUP 1: 0.7080 (Jun 23^rd low)
SUP 2: 0.7050 (May 26^th low)
SUP 3: 0.700
SUP4 : 0.6926 (138.2 % retracement of 0.7054 and 0.73879)

EUR/GBP has recovered till 0.7166 after making a low of 0.6986. Overall trend is weak as long as channel resistance around 0.7150 holds.

The pair's minor support is around 0.7050 and break below will drag the pair further down till 0.7000/0.6930.

It is good to sell on rallies around 0.7100 with stop around 0.7151 for the target of 0.7000/0.6925.

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EUR/GBP faces strong channel resistance around 0.7150, trend reversal only above that level

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