EUR/GBP Retreats from Key Resistance Area Again

The EUR/GBP exchange rate has retreated again from its resistance area between 0.8580 and 0.8585, capping a recovery that began two days ago.

European Central Bank Council member Joachim Nagel stated that markets see 'over 95% chances of a September rate hike', but this failed to provide significant support for the Euro.

The top of an ascending triangle pattern lies at 0.8582, and bulls are being contained below this level.

Triangles often indicate continuation patterns, with a bullish breakout favored in this case.