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EURGBP nudging a familiar ceiling
Been watching $EURGBP creep back up towards that 0.8570 area again. It's a level that's proven pretty sticky for the last few weeks, almost like a magnet for profit-takers. Every time it gets there, there's a collective shrug and it just seems to lose steam. I'm thinking if we get a sustained break above 0.8575, with some decent volume behind it, that thesis of it being a ceiling gets invalidated pretty quick. Otherwise, it feels like a zone to be cautious around, perhaps another rejection on the cards, even if the underlying sentiment seems to be for further upside. Just my two cents, always a chance I'm seeing ghosts.
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Agree, that 0.8570-75 zone has been a brick wall. Wonder if any fresh catalysts could give it the push needed to clear it, or if it's just going to keep bouncing off.