21 Aug 2013
EUR/GBP higher above 0.8550 helped on Euro strength
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at 0.8568 off recent session and fresh weekly highs at 0.8579, unchanged since latest NY close, ahead of UK public sector net borrowing data at 08:30 GMT and UK CBI industrial order expectations at 10:00 GMT.
EUR/GBP resumption of the decline preferred
“Our short is under some pressure with the daily close back above” the ascending trendline coming from May lows, said IFRMarkets analysts, adding: “A retest of the all-important 0.859 level near the 50 day MA may be in order - our stop is just above at the 0.86 big figure - hopefully enough wiggle room. A resumption of the decline to test the 200 day MA is still our preferred outlook.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Friday's highs at 0.8555, followed by Monday's highs at 0.8540, and yesterday's lows at 0.8515. To the upside, closest resistance shows at recent session/weekly highs 0.8579, followed by August 14 highs at 0.8599, and August 13 highs at 0.8610.
EUR/GBP resumption of the decline preferred
“Our short is under some pressure with the daily close back above” the ascending trendline coming from May lows, said IFRMarkets analysts, adding: “A retest of the all-important 0.859 level near the 50 day MA may be in order - our stop is just above at the 0.86 big figure - hopefully enough wiggle room. A resumption of the decline to test the 200 day MA is still our preferred outlook.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Friday's highs at 0.8555, followed by Monday's highs at 0.8540, and yesterday's lows at 0.8515. To the upside, closest resistance shows at recent session/weekly highs 0.8579, followed by August 14 highs at 0.8599, and August 13 highs at 0.8610.