6 Sep 2013
EUR/GBP recovery attempt falters, 0.8400 in jeopardy?
FXstreet.com (Lisbon) - The EUR/GBP technical cross reversed course and stalled at the 0.8436 level earlier (session high), thereby shedding its gains and collapsing during European trading.
In Germany, Industrial Production s.a. (MoM) fell -1.7% in July, missing estimates of -0.5%.
EUR/GBP technical levels
In these moments, the EUR/GBP is now trading at 0.8413, erasing its gains and operating at a -0.03% loss. Glancing at the technicals, the EUR/GBP remains fortified above support at 0.8400, ahead of 0.8364, notes the Danske Research Team.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP is fluctuating below the 200-day SMA and broken ascending trend line, accordingly, our suggested intraday bearish scenario remains valid, although we advise being cautious near 0.8400 area as it's a key neckline and a potential major support.
In Germany, Industrial Production s.a. (MoM) fell -1.7% in July, missing estimates of -0.5%.
EUR/GBP technical levels
In these moments, the EUR/GBP is now trading at 0.8413, erasing its gains and operating at a -0.03% loss. Glancing at the technicals, the EUR/GBP remains fortified above support at 0.8400, ahead of 0.8364, notes the Danske Research Team.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP is fluctuating below the 200-day SMA and broken ascending trend line, accordingly, our suggested intraday bearish scenario remains valid, although we advise being cautious near 0.8400 area as it's a key neckline and a potential major support.