4 Sep 2013
EUR/GBP posts fresh 3-month lows around 0.8450 breaking below LT TL
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading around 0.8460 little changed since NY close, ahead of lots of PMI data out of the EU, coupled with UK services PMI at 08:30 GMT and EU retail sales at 09:00 GMT.
EUR/GBP with stops below 0.8450
According to FXWW founder Sean Lee: “Lots of people trying to pick a base in this pair which usually means its headed lower. There will be some protection ahead of .8450 with stops below. Cable looks very constructive to me and I expect a test of 1.5760 in coming days.” EUR/GBP is down -0.8% for the week so far, having broken below ascending trendline coming from late July multi-year lows sub-0.78.
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session lows 0.8454, followed by yesterday's fresh 3-month lows at 0.8443, and May 10 lows at 0.8427. To the upside, closest resistance shows at Monday's lows 0.8470, followed by NY session highs at 0.8477, and August 21 lows at 0.8507.
EUR/GBP with stops below 0.8450
According to FXWW founder Sean Lee: “Lots of people trying to pick a base in this pair which usually means its headed lower. There will be some protection ahead of .8450 with stops below. Cable looks very constructive to me and I expect a test of 1.5760 in coming days.” EUR/GBP is down -0.8% for the week so far, having broken below ascending trendline coming from late July multi-year lows sub-0.78.
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session lows 0.8454, followed by yesterday's fresh 3-month lows at 0.8443, and May 10 lows at 0.8427. To the upside, closest resistance shows at Monday's lows 0.8470, followed by NY session highs at 0.8477, and August 21 lows at 0.8507.