Back
6 May 2013
FOREX: EURGBP - Ticked Up / Ticked Down
FXstreet.com (London) - EUR/GBP had ticked up from 8412 in this morning's session rising 16 pips to 8428 on slightly better PMI. It has now tailed off ever so lightly, as I write to 8421, on a less positive note on the release in investor confidence with a worse number coming in at 15.6 against consensus 15.2.
However, the over all price action here might prove to continue on a bullish path, with a triangle chart formation on the daily chart. 8450 was a level seen last week as price action was somewhat volatile. Retails sales coming up and more further speeches from ECB will offer a thin market an opportunity to test some levels.
Strong resistance is sighted at the psychological level of 8500 the figure, if broken, 8569 is seen as a big target with sell orders.
“The currency pair will remain immediately offered while trading below the late April high at 0.8497”, wrote Commerzbank analyst Karen Jones, adding that the EUR/GBP is moving towards 0.8394, a fall through which will have the 2012-13 support line at 0.8296.
In the mean time, support is seen on these monthly lows below 84 the figure.
However, the over all price action here might prove to continue on a bullish path, with a triangle chart formation on the daily chart. 8450 was a level seen last week as price action was somewhat volatile. Retails sales coming up and more further speeches from ECB will offer a thin market an opportunity to test some levels.
Strong resistance is sighted at the psychological level of 8500 the figure, if broken, 8569 is seen as a big target with sell orders.
“The currency pair will remain immediately offered while trading below the late April high at 0.8497”, wrote Commerzbank analyst Karen Jones, adding that the EUR/GBP is moving towards 0.8394, a fall through which will have the 2012-13 support line at 0.8296.
In the mean time, support is seen on these monthly lows below 84 the figure.