EUR/GBP: Pair Looks To Break Through Resistance

Looking at EUR/GBP chart, we can see that it has been trading in a channel for the past week, experiencing increased bouts of volatility due to the Russian invasion of Ukraine.

Initially falling to the 0.831 support level on Feb. 22, it bounced back up with a spike reaching as high as 0.838 on Feb. 23 but failing to hold on, it returned 0.834.

Earlier today, it rallied, it moved closer to the resistance level of 0.838, reaching the 0.837 level, and it is currently found trading at the 0.835 price range with the closest support level at the 0.831 level.

Today we could expect a move towards and above the 0.838 resistance level.  If it doesn’t manage to hold above the 0.835 range, then a move towards the 0.831 closest support could be expected.