4 Mar 2015
EUR/GBP recovery extends to 0.7260
FXStreet (Edinburgh) - After dropping to the area of 0.7230, EUR/GBP managed to regain the mid-0.7200s and beyond.
EUR/GBP off multi-year lows
Despite the initial drop, the cross is netting a positive week so far, looking to revert the 4-week negative streak. However, upcoming key events in the euro area and the solid pace of the recovery in the UK will cap occasional bullish attempts.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “. The new low of .7243 has been accompanied by a large divergence of the daily RSI and this depicts a severe loss of downside momentum. We suspect that the market will recover very near term”.
EUR/GBP key levels
At the moment the cross is losing 0.18% at 0.7258 with the next support at 0.7300 (psychological level) ahead of 0.7108 (high Dec.2004) and then 0.7022 (high Apr.2006). On the upside, the initial hurdle lines up at 0.7280 (hourly high Mar.4) followed by 0.7289 (high Mar.3) and finally 0.7301 (high Mar.2).
EUR/GBP off multi-year lows
Despite the initial drop, the cross is netting a positive week so far, looking to revert the 4-week negative streak. However, upcoming key events in the euro area and the solid pace of the recovery in the UK will cap occasional bullish attempts.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “. The new low of .7243 has been accompanied by a large divergence of the daily RSI and this depicts a severe loss of downside momentum. We suspect that the market will recover very near term”.
EUR/GBP key levels
At the moment the cross is losing 0.18% at 0.7258 with the next support at 0.7300 (psychological level) ahead of 0.7108 (high Dec.2004) and then 0.7022 (high Apr.2006). On the upside, the initial hurdle lines up at 0.7280 (hourly high Mar.4) followed by 0.7289 (high Mar.3) and finally 0.7301 (high Mar.2).