20 Aug 2013
EUR/GBP deflates to 0.8560
FXstreet.com (Edinburgh) - The upside of the EUR/GBP faltered just beyond 0.8570 on Tuesday, as both the sterling and the single currency are attempting a consolidation pattern.
EUR/GBP finds support at 0.8530
After two consecutive weeks of pullbacks, the cross found some respite in the area of 0.8530, where the better momentum surrounding the EUR is adding buying interest. Analyst A.Lohman-Rasmussen at Danske Bank, assessed, “The combination of BoE being less dovish than expected, very strong UK numbers and many short GBP positions in place means that we expect to see a slow and steady move lower in EUR/GBP over the next 6 months”.
EUR/GBP support/resistance levels
The cross is now up 0.44% at 0.8561 with the next resistance at 0.8591 (MA50d) followed by 0.8607 (high Aug.14) and then 0.8619 (high Aug.9). On the flip side, a breakdown of 0.8547 (MA100d) would expose 0.8517 (low Aug.20) and finally
EUR/GBP finds support at 0.8530
After two consecutive weeks of pullbacks, the cross found some respite in the area of 0.8530, where the better momentum surrounding the EUR is adding buying interest. Analyst A.Lohman-Rasmussen at Danske Bank, assessed, “The combination of BoE being less dovish than expected, very strong UK numbers and many short GBP positions in place means that we expect to see a slow and steady move lower in EUR/GBP over the next 6 months”.
EUR/GBP support/resistance levels
The cross is now up 0.44% at 0.8561 with the next resistance at 0.8591 (MA50d) followed by 0.8607 (high Aug.14) and then 0.8619 (high Aug.9). On the flip side, a breakdown of 0.8547 (MA100d) would expose 0.8517 (low Aug.20) and finally