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16 Aug 2013
EUR/GBP eyes June lows
FXstreet.com (Barcelona) - EUR/GBP is trading up from below 0.8510 recorded in NA trading and is steady at 0.8530/40 region.
EUR/GBP has continued to move lower from above the 0.8600 handle in an environment that continues to see positive UK data supporting Sterling. The Sterling also found some supporting flows and demand from a weaker dollar in a sell off yesterday.
EUR/GBP slipping to monthly support
EUR/GBP has slipped through the four month support line at 0.8538 and thus nears the 0.8500 level, the 2012-13 uptrend line at 0.8494 and the June low at 0.8470. Here it should find interim support, said Axel Rudolph, Senior Technical Analyst at Commerzbank. “Minor resistance still sits at .8580/83 (July 10 low and 55 day moving average) and further resistance at 0.8597, the May peak. He continued to say, “We expect to see a sell-off towards the 200 day moving average at 0.8453 being seen over the coming weeks now that the current August high at 0.8769 has been highlighted as a significant top”.
EUR/GBP has continued to move lower from above the 0.8600 handle in an environment that continues to see positive UK data supporting Sterling. The Sterling also found some supporting flows and demand from a weaker dollar in a sell off yesterday.
EUR/GBP slipping to monthly support
EUR/GBP has slipped through the four month support line at 0.8538 and thus nears the 0.8500 level, the 2012-13 uptrend line at 0.8494 and the June low at 0.8470. Here it should find interim support, said Axel Rudolph, Senior Technical Analyst at Commerzbank. “Minor resistance still sits at .8580/83 (July 10 low and 55 day moving average) and further resistance at 0.8597, the May peak. He continued to say, “We expect to see a sell-off towards the 200 day moving average at 0.8453 being seen over the coming weeks now that the current August high at 0.8769 has been highlighted as a significant top”.