6 May 2015
EUR/GBP: Bulls need a convincing close above 38.2% fibo
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7440 with a high of 0.7450 and a low of 0.7360.
EUR/GBP is remaining with a bid theme as we head towards elections day while there is still no certain looking outcome for the UK. Analysts at ING Bank explained that, in their view, over the very short term, a hung parliament would be the worst outcome for GBP as the full degree of uncertainty would remain in place, while a Conservative-Lib Dem minority coalition would be the best outcome. "Over the medium term, a Conservative government would mean challenging prospects for GBP given the spectre of an EU referendum. Over the long term, the best outcome is a Conservative-led government and the UK staying in the EU."
EUR/GBP bulls need a convincing close above the 38.2% fibo at0.7416 level this week while Karen Jones, chief analyst at Commerzbank explained that the Elliot wave count on the 240 minute chart suggests that dips lower should terminate circa 0.7270. "An upside bias will now persist while above the 0.7118 April low. This guards the 0.7015 March low and 0.7000 psychological support. Interim support is 0.7195 the previous downtrend."
EUR/GBP is remaining with a bid theme as we head towards elections day while there is still no certain looking outcome for the UK. Analysts at ING Bank explained that, in their view, over the very short term, a hung parliament would be the worst outcome for GBP as the full degree of uncertainty would remain in place, while a Conservative-Lib Dem minority coalition would be the best outcome. "Over the medium term, a Conservative government would mean challenging prospects for GBP given the spectre of an EU referendum. Over the long term, the best outcome is a Conservative-led government and the UK staying in the EU."
EUR/GBP bulls need a convincing close above the 38.2% fibo at0.7416 level this week while Karen Jones, chief analyst at Commerzbank explained that the Elliot wave count on the 240 minute chart suggests that dips lower should terminate circa 0.7270. "An upside bias will now persist while above the 0.7118 April low. This guards the 0.7015 March low and 0.7000 psychological support. Interim support is 0.7195 the previous downtrend."