7 Aug 2013
EUR/GBP bottoms out and returns to 0.8600
FXstreet.com (New York) - The EUR/GBP technical cross rebounded out of the depths at 0.8579, now regaining the 0.8600 barrier during US trading.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP fluctuated heavily, where after recording a high at 0.8730 the price reversed sharply, and hit 0.8575 support level at the 50-day SMA. At the current levels and with this major volatility we remain neutral, awaiting a break below 0.8575-0.8570 to confirm a move lower, to 0.8480.”
EUR/GBP technical bias
After the earlier hoopla surrounding the BoE release and the subsequent strengthening of the GBP across the board, the EUR/GBP is now operating at 0.8594, having now incurred a loss -0.88% off its opening. In taking a look at the technicals, the pair faces support at 0.8597, ahead of 0.8578 level, calculates the Mataf.net analyst team.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP fluctuated heavily, where after recording a high at 0.8730 the price reversed sharply, and hit 0.8575 support level at the 50-day SMA. At the current levels and with this major volatility we remain neutral, awaiting a break below 0.8575-0.8570 to confirm a move lower, to 0.8480.”
EUR/GBP technical bias
After the earlier hoopla surrounding the BoE release and the subsequent strengthening of the GBP across the board, the EUR/GBP is now operating at 0.8594, having now incurred a loss -0.88% off its opening. In taking a look at the technicals, the pair faces support at 0.8597, ahead of 0.8578 level, calculates the Mataf.net analyst team.