15 Nov 2013
EUR/GBP remains weak as Friday wears on; European data looms
FXstreet.com (Barcelona) - The EUR/GBP has been notably weak for a while now – and the overhead pressure seems to be unrelenting as we head into the weekend.
EUR/GBP traders have to wait for the 10:00 GMT release of EU CPI for any real action
EUR/GBP traders will be reacting to technical factors primarily until the 10:00 GMT release of the EuroZone CPI data. After that, there will be another few hours until the US data releases start up – but the flow will be heavy once it does start up. For a full schedule of releases and expectations, click here.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross is currently likely in a third wave lower with a likely downside target of 0.8281. In the shorter-term, projected support for the cross may come in at 0.8367 based on Elliott Wave measuring techniques. Short-term upside resistance should come in at 0.83900. Above that comes 0.8415.
EUR/GBP traders have to wait for the 10:00 GMT release of EU CPI for any real action
EUR/GBP traders will be reacting to technical factors primarily until the 10:00 GMT release of the EuroZone CPI data. After that, there will be another few hours until the US data releases start up – but the flow will be heavy once it does start up. For a full schedule of releases and expectations, click here.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross is currently likely in a third wave lower with a likely downside target of 0.8281. In the shorter-term, projected support for the cross may come in at 0.8367 based on Elliott Wave measuring techniques. Short-term upside resistance should come in at 0.83900. Above that comes 0.8415.