1 Aug 2013
EUR/GBP takes a breather below 0.8770 fresh 19-week highs
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at 0.8758, off recent session and fresh 19-week highs at 0.8769, printed mostly on the back of Pound weakness as it is third weakest currency among majors only above Kiwi and Aussie.
EUR/GBP bullish for now while above 0.8711
“I’m leaving this pair alone as I’m bearish and the market is bullish,” said FXWW founder Sean Lee, adding: “Next technical target is a weekly high at .8815,” as he believes now bulls are in control. According to the FXMarketAlerts Team: “We stick with a bullish stance for now, but the mkt is likely to consolidate before having another chance to take a shot toward 0.8794 in due time. We think that the pattern setup will remain bullish as long as the 0.8711/00 support zone can contain dips now.”
EUR/GBP key technical levels
Immediate resistance to the upside for AUD/NZD shows at recent session/19-week highs at 0.8770, followed by Oct 2011 highs at 0.8784, and March 12 highs at 0.8794. To the downside, closest support lies at early session lows 0.8737, followed by July 17 highs at 0.8711, and yesterday's lows at 0.8700.
EUR/GBP bullish for now while above 0.8711
“I’m leaving this pair alone as I’m bearish and the market is bullish,” said FXWW founder Sean Lee, adding: “Next technical target is a weekly high at .8815,” as he believes now bulls are in control. According to the FXMarketAlerts Team: “We stick with a bullish stance for now, but the mkt is likely to consolidate before having another chance to take a shot toward 0.8794 in due time. We think that the pattern setup will remain bullish as long as the 0.8711/00 support zone can contain dips now.”
EUR/GBP key technical levels
Immediate resistance to the upside for AUD/NZD shows at recent session/19-week highs at 0.8770, followed by Oct 2011 highs at 0.8784, and March 12 highs at 0.8794. To the downside, closest support lies at early session lows 0.8737, followed by July 17 highs at 0.8711, and yesterday's lows at 0.8700.