15 Jul 2013
EUR/GBP trading at resistance
FXstreet.com (New York) - The EUR/GBP technical cross is breaking higher Monday, recovering from the depths of 0.8631 (intraday low), and bulling its way back into positive territory Monday.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP maintains the bullish wave, after breaking the key descending resistance shown on image. Accordingly, the bullish scenario continues to be favored moving forward.”
In these moments, the EUR/GBP has returned to the 0.8660 level, securing a modest gain of +0.06% Monday, though still operating below its highs at 0.8668. “There is a strong resistance at for the EUR/GBP at 0.8656, which was tested twice last week. With the momentum tools crossing higher, a closing break above this would trigger further upside. Support is at 0.8575 ahead of 0.8469.” notes Research Analyst Gareth Berry at UBS.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP maintains the bullish wave, after breaking the key descending resistance shown on image. Accordingly, the bullish scenario continues to be favored moving forward.”
In these moments, the EUR/GBP has returned to the 0.8660 level, securing a modest gain of +0.06% Monday, though still operating below its highs at 0.8668. “There is a strong resistance at for the EUR/GBP at 0.8656, which was tested twice last week. With the momentum tools crossing higher, a closing break above this would trigger further upside. Support is at 0.8575 ahead of 0.8469.” notes Research Analyst Gareth Berry at UBS.