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EUR/GBP Tests Major Resistance – Action Forex

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Sterling weakened after Britain’s GDP showed a larger-than-expected contraction in April. A rising pennant on the daily suggests that a breakout may soon put an end to the month-long consolidation. 0.8615 is a major supply area after several failed attempts. Its breach would flush out the remaining selling interest and signal a bullish continuation towards April’s highs near 0.8700. 0.8530 is the immediate support in case of further hesitation. 0.8485 is a critical floor to keep the upward bias intact.

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