EUR/GBP struggles to extend gains, strong resistance at 0.7640
EUR/GBP has been trading a rising channel since Dec 2015, broke above channel top on Friday, 15th trade, but has been struggling to extend gains beyond.
The pair has dipped below 0.7640 (channel-top) which is strong resistance level, expect further consolidation before next move higher.
A relatively data-heavy week for the UK, with CPI reading on Tuesday, average earnings and unemployment claims on Wednesday, and UK retail sales figures on Friday.
Last week, the Bank of England (BoE) opted to keep its main interest rate unchanged at 0.50%, as widely expected, but also went on to issue a rather dovish statement.
We would short rallies around 0.7640, SL: 0.77, TP: 0.7530
The pair has dipped below 0.7640 (channel-top) which is strong resistance level, expect further consolidation before next move higher.
A relatively data-heavy week for the UK, with CPI reading on Tuesday, average earnings and unemployment claims on Wednesday, and UK retail sales figures on Friday.
Last week, the Bank of England (BoE) opted to keep its main interest rate unchanged at 0.50%, as widely expected, but also went on to issue a rather dovish statement.
We would short rallies around 0.7640, SL: 0.77, TP: 0.7530