18 Nov 2013
EUR/GBP starts off on downside for the week; key support at 0.8359
FXstreet.com (Barcelona) - The EUR/GBP has been falling recently on the bearish combination of an accomodative ECB and a relatively hawkish Bank of England.
EUR/GBP traders have to wait for Tuesday to get any meaningful data points
EUR/GBP traders will be reacting to technical factors primarily until the data flow out of Europe and Britain picks up on Tuesday.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross is either in a corrective wave lower with a target of 0.8334 or a new primary wave lower with 0.8303 as the downside target. Short-term upside resistance should come in at 0.8415 and is backed up by the 11/12 – 11/13 peak at 0.8461.
EUR/GBP traders have to wait for Tuesday to get any meaningful data points
EUR/GBP traders will be reacting to technical factors primarily until the data flow out of Europe and Britain picks up on Tuesday.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross is either in a corrective wave lower with a target of 0.8334 or a new primary wave lower with 0.8303 as the downside target. Short-term upside resistance should come in at 0.8415 and is backed up by the 11/12 – 11/13 peak at 0.8461.