Chart Of The Day: Ascending Trend-Line Can Trigger EURGBP Pullback
EURGBP's U turn from 0.9235 is likely to have limited downside as a month old ascending trend line, at 0.9190, could keep disappointing Bears and favor chances of the pair's recovery towards 0.9235 and the 0.9270 resistance levels. Given the quote's extended up moves beyond 0.9270, the August high around 0.9300 and the 61.8% FE level of 0.9340 could appear on the chart. Moreover, pair's sustained trading beyond 0.9340 enables it to challenge the 0.9410 resistance mark that was portrayed in late 2009.
In case if the pair fails to respect the TL figures of 0.9190, the 0.9175 and the 0.9150 40 could come forward as consecutive supports, breaking which 0.9120 and the 0.9080 may entertain sellers. Should there be additional declines on the part of the pair after clearing 0.9080, the 0.9045 and the 0.9000 round figure can be expected as rests that can be availed.