The single currency rose versus the British pound from the minimums at the beginning of January in the 0.8280 area getting above resistance at 0.8550.

Technical analysts at Commerzbank claim that euro strengthened on the general sterling’s weakness. In their view, the pair EUR/GBP will be capped by resistance at December maximum of 0.8640/45 and reverse down at this zone. According to the specialists, the outlook for the European currency is negative below 0.8640/45.

The intraday pressure, however, seems to be bullish. It will ease only if EUR/GBP drops below 0.8445/15. In such case euro would be poised to fall to the recent minimum at 0.8285.



Chart. H4 GBP/USD

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