EUR/GBP struggles on rebounds, 200 dma back in sight

Currently, EUR/GBP is trading at 0.8498, down -0.19% on the day, having posted a daily high at 0.8533 and low at 0.8450.

EUR/GBP moved up from the 200 day ma at 0.8425 today, but has taken a turn for the worst as we enter 2017 and negativity around the euro while the dollar catches a bid and sterling remains robust despite the pending trigger of Article 50 end of March. The market has failed at the cloud at 0.8650 of late and another test below the 200 dma would open up the path towards 0.8170 50% retracement.

EUR/GBP levels

Spot is presently trading at 0.8499, and next resistance can be seen at 0.8515 (Daily Classic PP), 0.8515 (Daily Open), 0.8515 (Weekly Low), 0.8515 (YTD High) and 0.8515 (YTD Low). Next support to the downside can be found at 0.8496 (Hourly 20 EMA), 0.8493 (Daily 20 SMA), 0.8492 (Daily Classic S1), 0.8492 (Yesterday's Low) and 0.8470 (Daily Classic S2).

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