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16 Aug 2013
EUR/GBP breaks momentarily below May up trend line
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading unchanged for last few hours at 0.8537, previous weekly low posted Tuesday from where it bounced strongly afterwards, a -0.74% lower for the week thus far.
EUR/GBP a bullish test in the makings?
According to FXMarketAlerts Team: “Further weakness this overnight has now forced the EUR through the Apr-Aug baseline at .8530, though this trade coming later in the day and on higher volume but (so far) a tighter range is a potential bullish test rather than outright weakness- now ref. .8520- and .8540 as steps/ resistances to a recovery. 1st Target below .8465.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Wednesday's lows 0.8527, followed by early NY fresh weekly lows at 0.8504, and July 03 lows at 0.8482. To the upside, closest resistance shows at current levels as Tuesday's lows 0.8535, followed by yesterday's highs at 0.8569, and August 07 lows at 0.8577.
EUR/GBP a bullish test in the makings?
According to FXMarketAlerts Team: “Further weakness this overnight has now forced the EUR through the Apr-Aug baseline at .8530, though this trade coming later in the day and on higher volume but (so far) a tighter range is a potential bullish test rather than outright weakness- now ref. .8520- and .8540 as steps/ resistances to a recovery. 1st Target below .8465.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Wednesday's lows 0.8527, followed by early NY fresh weekly lows at 0.8504, and July 03 lows at 0.8482. To the upside, closest resistance shows at current levels as Tuesday's lows 0.8535, followed by yesterday's highs at 0.8569, and August 07 lows at 0.8577.