EURGBP: The intraday chart above shows good resistance at 0.91. If this Short-Term rally is to be similar to that seen from the low on 9th Jan, then it would stall around 0.91 which is also where the intraday trend resistance comes in. A rally through there would argue for further gains to 0.9130 and through there we could see a test of resistance levels at around 0.9216.
A hold of 0.91 as resistance however would be an interesting development and a close back below the 55 dma at 0.9018 would indicate that further losses. Given the rally at the end of 2008, we now have a large 55 – 200 day moving average gap which may be filled suggesting EURGBP would test 0.8239.
EURGBP – Moving average gap
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