20 Mar 2015
EUR/GBP awaits potential catalysts
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7240 with a high of 0.7266 and a low of 0.7218.
EUR/GBP is drifting into the US closing hours, slightly up on the European open and well placed on the 0.72 handle with the spike that occurred down at 0.7190. Next week gives us plenty of data to contend with for the UK's CPI's and retail sales along with EZ and German manufacturing data releases.
Should the short term trend give back in to the bears, the downside is exposed below the 0.7200 psychological support and opens up 0.7140 as next target before the 38.2% retracement at 0.7343/50, as Kanern Jones, chief analyst at Commerzbank noted. She then suggested 0.7445/50% retracement area would be where the market could start to falter. "Dips lower are indicated to terminate circa 0.7210 ahead of the 0.7142 previous downtrend and this guards the 0.7020/00 zone."
EUR/GBP is drifting into the US closing hours, slightly up on the European open and well placed on the 0.72 handle with the spike that occurred down at 0.7190. Next week gives us plenty of data to contend with for the UK's CPI's and retail sales along with EZ and German manufacturing data releases.
Should the short term trend give back in to the bears, the downside is exposed below the 0.7200 psychological support and opens up 0.7140 as next target before the 38.2% retracement at 0.7343/50, as Kanern Jones, chief analyst at Commerzbank noted. She then suggested 0.7445/50% retracement area would be where the market could start to falter. "Dips lower are indicated to terminate circa 0.7210 ahead of the 0.7142 previous downtrend and this guards the 0.7020/00 zone."