23 Aug 2013
EUR/GBP holding above 0.8550 ahead of UK GDP
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading near session lows at 0.8564 marginally lower for the Asian session but unchanged from Wednesday's open, off double weekly high at 0.8577, ahead of key risk event in the form of UK second estimate GDP q/q at 08:30 GMT.
EUR/GBP risk to retest the 0.8590 level
As noted by IFRMarkets analysts, “Bulls have once again move price higher to retest the trendline drawn from the May lows,” with the risk now for the move to continue higher to “retest the 0.8590 level/50 day MA near 0.86,” the analysts said. “We still favour a resumption of the decline towards the 200 day MA in days to come,” IFRMarkets concluded.
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session lows 0.8560, followed by Friday's highs at 0.8555, and yesterday's late London session lows at 0.8539. To the upside, closest resistance shows at August 15 highs 0.8570, followed by Wed's/Thur's weekly highs at 0.8574/78, and August 08 lows at 0.8592.
EUR/GBP risk to retest the 0.8590 level
As noted by IFRMarkets analysts, “Bulls have once again move price higher to retest the trendline drawn from the May lows,” with the risk now for the move to continue higher to “retest the 0.8590 level/50 day MA near 0.86,” the analysts said. “We still favour a resumption of the decline towards the 200 day MA in days to come,” IFRMarkets concluded.
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session lows 0.8560, followed by Friday's highs at 0.8555, and yesterday's late London session lows at 0.8539. To the upside, closest resistance shows at August 15 highs 0.8570, followed by Wed's/Thur's weekly highs at 0.8574/78, and August 08 lows at 0.8592.