EUR/GBP Struggles Below 0.84
Breaking that 0.8400 level was a monster bearish move by the EUR/GBP currency pair. The descending triangle that was forming on the weekly chart played out. Now that we are below that level the GBP will invariably strengthen. The hourly chart above is a snapshot of the end of last and the open of this new week. After gapping higher to a high of 0.8359, it is looking like a failure of the 0.8300 whole number is inevitable. The smaller Fibonacci is the move higher at market open while the bigger Fibonacci measures the start of the move on Friday at 0.8208 through the top today at 0.8359. This larger Fib lands at important levels. Keep an eye on these levels for further strength or weakness in this pair.
Fundamentally, still the market remains focused on the Eurozone… to the benefit of the Great British pound.
