10 Jul 2013
EUR/GBP testing the 0.8600 barrier
FXstreet.com (New York) - The EUR/GBP foreign exchange rate is now retesting the 0.8600 barrier Wednesday, trading in a relatively subdued consolidation during US trading thus far.
At the time of writing, the EUR/GBP is now operating at 0.8604, now securing a tepid advance of +0.03%. A further rise will eventually test resistance at 0.8651, onto 0.8701, and 0.8734. Conversely, a fall below support at 0.8568 will instigate measures at 0.8535, and 0.8485, notes the Mataf.net analyst team.
EUR/GBP technical bias
According to the Technical Analyst Team at ICN.com, “Despite the breakout above the key descending resistance show on the daily chart above, price has formed a giant bearish shooting star candle yesterday, and that concerns us over the sustainability of the bullish wave in the short term. Accordingly, we will move to the sidelines for now, and wait for further confirmation over the lower time intervals.”
At the time of writing, the EUR/GBP is now operating at 0.8604, now securing a tepid advance of +0.03%. A further rise will eventually test resistance at 0.8651, onto 0.8701, and 0.8734. Conversely, a fall below support at 0.8568 will instigate measures at 0.8535, and 0.8485, notes the Mataf.net analyst team.
EUR/GBP technical bias
According to the Technical Analyst Team at ICN.com, “Despite the breakout above the key descending resistance show on the daily chart above, price has formed a giant bearish shooting star candle yesterday, and that concerns us over the sustainability of the bullish wave in the short term. Accordingly, we will move to the sidelines for now, and wait for further confirmation over the lower time intervals.”