EUR/GBP Hits Swing High Resistance. Is it Significant Enough?

Good morning traders,

Just a quick level in the midst of a busy morning here at Vantage FX.

It’s been a while since we took a look at EUR/GBP on the blog, but take a look at the EUR/GBP hourly chart here:

EUR/GBP Hourly:

Click on chart to see a larger view.

As you can see, after pushing up at the end of last week’s spike, price has consolidated along its swing high resistance level.

This morning’s big spike and rejection showing that sellers are taking notice of the level, at least for the short term.

I say ‘at least for the short term’ because the daily level isn’t actually all that spectacular:

EUR/GBP Daily:

Click on chart to see a larger view.

There was a bit of back and forwards along the level in the box that I’ve highlighted, but it’s certainly not the type of higher time frame level that I’d really like to rely on.

As I hit publish, price is printing a nice little intraday retest of short term support turned resistance, so we’ll have to wait and see how that plays out.

Best of probabilities to you!

Dane Williams – @VantageFX

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Source: Vantage FX Blog