14 Aug 2015
EUR/GBP bears pushing for a close below 0.7120
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7117 with a high of 0.7158 and a low of 0.7108.
EUR/GBP has reversed the majority of the gains at the end of this week from when the cross rallied from just below the 0.71 handle up to test the 0.7150 region yesterday. Today, EUR/GBP's supply took the cross down heavily and tests 0.7110 where support holds the bears off into the closing hours of this week's session. The GDP came in below forecasts for the EZ, and these were showing that the economy expanded 0.3% QoQ and 1.2% on a yearly basis, vs. expectations of 0.4% and 1.3%, respectively.
EUR/GBP downside vulnerable
Technically, on further downside and a close below 0.7120, and break of the 0.71 handle, Karen Jones, chief analysts at Commerzbank explained that a slip back below Tuesday’s low at 0.7040 should be seen with the 0.6990 June low then being back on the map. Further down lurks the July low at 0.6937. "The 0.6952/37 area will act as the break down point to the 0.6541 2007 low."
EUR/GBP has reversed the majority of the gains at the end of this week from when the cross rallied from just below the 0.71 handle up to test the 0.7150 region yesterday. Today, EUR/GBP's supply took the cross down heavily and tests 0.7110 where support holds the bears off into the closing hours of this week's session. The GDP came in below forecasts for the EZ, and these were showing that the economy expanded 0.3% QoQ and 1.2% on a yearly basis, vs. expectations of 0.4% and 1.3%, respectively.
EUR/GBP downside vulnerable
Technically, on further downside and a close below 0.7120, and break of the 0.71 handle, Karen Jones, chief analysts at Commerzbank explained that a slip back below Tuesday’s low at 0.7040 should be seen with the 0.6990 June low then being back on the map. Further down lurks the July low at 0.6937. "The 0.6952/37 area will act as the break down point to the 0.6541 2007 low."