11 Jul 2013
EUR/GBP bounces off intraday lows
FXstreet.com (New York) - The EUR/GBP technical cross climbed bottomed out at the 0.8614 level (intraday low) Thursday, ultimately rebounding slightly and paring a portion of its losses during US trading.
EUR/GBP strategic bias
Indeed, the recent lows have now given way to a strengthening of the EUR against the GBP, with the pair now settling at 0.8625 in these moments, netting a loss of -0.25% off its opening, and relinquishing its previous highs that peaked just shy of the 0.8700 level (0.8696 daily high). Supportive means lie below at 0.8620 (20-day SMA), followed by 0.8589 (July 9 low), and 0.8576 (July 10 low).
According to the Technical Analyst Team at ICN.com, “The EURGBP rebounded yesterday, following the sharp bearish shooting star candle, as shown on chart. However, we prefer to see a daily closing above the high of the shooting star candle at 0.8667 to confirm further upside and the continuation of the bullish move. In any scenario, we will expect a bullish move moving forward, albeit with a tight stop.”
EUR/GBP strategic bias
Indeed, the recent lows have now given way to a strengthening of the EUR against the GBP, with the pair now settling at 0.8625 in these moments, netting a loss of -0.25% off its opening, and relinquishing its previous highs that peaked just shy of the 0.8700 level (0.8696 daily high). Supportive means lie below at 0.8620 (20-day SMA), followed by 0.8589 (July 9 low), and 0.8576 (July 10 low).
According to the Technical Analyst Team at ICN.com, “The EURGBP rebounded yesterday, following the sharp bearish shooting star candle, as shown on chart. However, we prefer to see a daily closing above the high of the shooting star candle at 0.8667 to confirm further upside and the continuation of the bullish move. In any scenario, we will expect a bullish move moving forward, albeit with a tight stop.”