2 Sep 2013
EUR/GBP recovery stalls short of 0.8500
FXstreet.com (Lisbon) - The EUR/GBP technical cross has waivered across European trading Monday, unable to recover the 0.8500 region, thereby turning lower in recent minutes.
At this juncture, the EUR/GBP has now moved lower towards 0.8485, en route to a loss of -0.24% off its opening. Briefing the technicals, the EUR/GBP remains fortified by support at 0.8477, and 0.8448, calculates the Danske Research Team.
EUR/GBP strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/GBP this morning has eroded the 0.8523 2012-2013 uptrend line. It has sold off towards the 200-day MA at 0.8481 and the 0.8470 June low and the 0.8399 2013 low. Note that the 55-week MA is also here at 0.8590. Given that the break happened in the Far East we would allow for a small retracement in the London time zone to 0.8525 ahead of further losses. The target is the 0.8399 April low and 0.8366 the 200 week MA.”
At this juncture, the EUR/GBP has now moved lower towards 0.8485, en route to a loss of -0.24% off its opening. Briefing the technicals, the EUR/GBP remains fortified by support at 0.8477, and 0.8448, calculates the Danske Research Team.
EUR/GBP strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/GBP this morning has eroded the 0.8523 2012-2013 uptrend line. It has sold off towards the 200-day MA at 0.8481 and the 0.8470 June low and the 0.8399 2013 low. Note that the 55-week MA is also here at 0.8590. Given that the break happened in the Far East we would allow for a small retracement in the London time zone to 0.8525 ahead of further losses. The target is the 0.8399 April low and 0.8366 the 200 week MA.”