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EUR/GBP finding resistance by STO

EUR/GBP is approaching the 38.2% reversion of the post-Brexit referendum rally and also the 100 day moving average, both in the 0.8585-0.8600 range. Failure to break above here would pave the way for a reversion to recent lows around the 50% retracement at 0.8400.

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Gold prices are sitting just below the 50% retracement of the sell-off recorded in the second half of 2016. mid-month highs around $1237.5 are likely to provide intermediate support before we see a move lower to January highs at the 38.2% retracement.

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This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

Source: www.stofs.com

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