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EUR/GBP approaching daily double top

Yesterday, as noted here, the EUR/GBP stalled just above 0.8700. The high seen was set at 0.8702. That was almost identical to the high set on Friday, when it peaked at 0.8703. Hence, technically, the EUR/GBP formed a clearly defined double top on the daily charts. The pair fell back and closed at 0.8675 last night, but it has been on the rebound again so far this morning, from a low point earlier at 0.8668. The Euro is now approaching that double top, but so far the 0.8700 handle has capped the rebound. Also to note, just above 0.8700 still lies the 200 day moving average, now at 0.8710. This has also been capping the topside in recent trading. Now as always, it remains to be seen, if that double top (and then the 200 day moving average) will prevail in terms of capping the topside again today, or it will be a target for the markets to aim at. Right now it looks more like the latter more than the former, but we shall see as the price action unfolds. The EUR/GBP is just now trading at 0.8695
 

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