EUR/GBP erases gains, back below 0.7850

FXStreet (Córdoba) - EUR/GBP rose to test November highs but failed to break and pulled back, erasing gains. The pair peaked at 0.7861 but then turned to the downside and bottomed at 0.7826. Currently trades at 0.7835, slightly below the price it had at the beginning of the day.

EUR/GBP rangebound

The retreat from levels above 0.8000 found support last week around 0.7800. The mentioned level was tested on Thursday , but held above and rebounded. To the upside, the pair is facing a strong resistance at 0.7860/65, that capped the upside last week and today.

So EUR/GBP is moving in ranges in the short term between 0.7865 and 0.7800. A break of the mentioned range could trigger further moves. Below 0.7800, 2014 lows (0.7764 would) be exposed.