8 May 2014
EUR/GBP challenges weekly highs
FXStreet (Edinburgh) - The upbeat sentiment around the euro is lifting the EUR/GBP to test weekly highs around the 0.8230/35 region.
EUR/GBP in multi-day highs
The cross keeps pushing higher on Thursday backed by the increasing bid tone in the EUR ahead of Draghi’s press conference. Despite consensus calling for a close call today, the ECB left intact its benchmark rate at 0.25%, prompting the cross to climb beyond the 0.8230 level. Next of relevance will be Draghi’s press conference, where the current EUR rally would be put to the test. “EUR/GBP continues to hold the .8192 February low, the Elliott wave count is still suggesting that we will see a recovery to .8270 possibly .8300 before we head lower”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/GBP significant levels
The cross is now advancing 0.33% at 0.8231 and a surpass of 0.8241 (30-d MA) would target 0.8259 (high Apr.29) and finally 0.8266 (high Apr.16). On the downside, the initial support aligns at 0.8193 (low May 7) ahead of 0.8191 (low Feb. 28) and then 0.8157 (2014 low Feb.17).
EUR/GBP in multi-day highs
The cross keeps pushing higher on Thursday backed by the increasing bid tone in the EUR ahead of Draghi’s press conference. Despite consensus calling for a close call today, the ECB left intact its benchmark rate at 0.25%, prompting the cross to climb beyond the 0.8230 level. Next of relevance will be Draghi’s press conference, where the current EUR rally would be put to the test. “EUR/GBP continues to hold the .8192 February low, the Elliott wave count is still suggesting that we will see a recovery to .8270 possibly .8300 before we head lower”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/GBP significant levels
The cross is now advancing 0.33% at 0.8231 and a surpass of 0.8241 (30-d MA) would target 0.8259 (high Apr.29) and finally 0.8266 (high Apr.16). On the downside, the initial support aligns at 0.8193 (low May 7) ahead of 0.8191 (low Feb. 28) and then 0.8157 (2014 low Feb.17).