EUR/GBP: All Aboard – Next Stop .8500!
The EUR/GBP daily chart below reveals that rates have finally broken out above significant previous resistance at .8400 and the rally could continue up to the next level of resistance near .8500. While buying at current market prices would not offer a particularly favorable risk/reward ratio with logical profit target and stop levels, waiting for a pullback could present a strong buying opportunity in the next 24 hours.
Commentary from Brad Gareiss and Matt Weller, Technical Analysts, GFT