EUR/GBP: Pullback possible, no top yet - Lloyds

Analysts from Lloyds Bank see that from a long term perspective the move to the topside in the EUR/GBP  was the last from the correction from 0.70/0.69 but warn that there are no signs of a top yet.

Key Quotes:

 “The market set a new marginal high yesterday to move close to important technical resistance around 0.8395. Intra-day studies suggest a pullback is possible, especially while this resistance caps.”

“A decline through pivot support in the 0.8225/00 region would add further confirmation of that correction phase, with trend support lying in the 0.8050/0.7975 region below.”

“We believe this move to the topside is the last within the correction from the 0.70/0.69 support region. We have no sign of a top yet though, with a move above 0.8370 leaving room towards resistance above there in the 0.8700-0.8900 region.”