15 Jun 2015
EUR/GBP: Downside wide open while below 55 DMA
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7241 with a high of 0.7248 and low of 0.7203.
EUR/GBP remains in a consolidation pattern on the longer dated sticks, with the decline from 0.88 bottoming earlier this year at 0.7010. The bearish gap from the last week has been filled by the bulls and the pair is continuing with a bullish theme off the lows of last week's downtrend. Fundamentally, the cross is subject to the ECB's continuation of the asset purchasing programme, on going dramas around Greece and whether or not the BoE is in a position to offer bullish forward guidance and then moving towards a more hawkish stance and diverging even further away from the ECB.
EUR/GBP technically bearish
Technically, Karen Jones, chief analyst at Commerzbank explained that EUR/GBP last week failed at the 78.6% retracement at 0.7391. "The slide back lower has eroded the 55 day ma at 0.7238. Below here targets 0.7127/23 (Fibo + 22nd April low) ."
EUR/GBP remains in a consolidation pattern on the longer dated sticks, with the decline from 0.88 bottoming earlier this year at 0.7010. The bearish gap from the last week has been filled by the bulls and the pair is continuing with a bullish theme off the lows of last week's downtrend. Fundamentally, the cross is subject to the ECB's continuation of the asset purchasing programme, on going dramas around Greece and whether or not the BoE is in a position to offer bullish forward guidance and then moving towards a more hawkish stance and diverging even further away from the ECB.
EUR/GBP technically bearish
Technically, Karen Jones, chief analyst at Commerzbank explained that EUR/GBP last week failed at the 78.6% retracement at 0.7391. "The slide back lower has eroded the 55 day ma at 0.7238. Below here targets 0.7127/23 (Fibo + 22nd April low) ."