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16 Sep 2013
EUR/GBP resting below 0.84 ahead of Draghi's speech
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at 0.8380 off recent session highs at 0.8394 ahead of a busy morning session in London with ECB Draghi's speech and Italian trade balance at 08:00 GMT, followed by EU CPI data 1 hour later.
EUR/GBP viable target below 0.8250
“Our short is in better shape after Friday's close below 0.84 support although channel support was again seen limiting declines,” said IFRMarkets analysts, adding: “We lowered our stop to near breakeven to limit risk. Longer term trendline near 0.832 remains a viable target.” The cross is flat for the week so far.
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session lows 0.8377, followed by Friday's fresh 9-month lows at 0.8355, and Jan 15 highs at 0.8326. To the upside, closest resistance shows at recent session highs/Sept 06 lows 0.8391/94, followed by May 06 lows at 0.8400, and past Monday's lows at 0.8409.
EUR/GBP viable target below 0.8250
“Our short is in better shape after Friday's close below 0.84 support although channel support was again seen limiting declines,” said IFRMarkets analysts, adding: “We lowered our stop to near breakeven to limit risk. Longer term trendline near 0.832 remains a viable target.” The cross is flat for the week so far.
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session lows 0.8377, followed by Friday's fresh 9-month lows at 0.8355, and Jan 15 highs at 0.8326. To the upside, closest resistance shows at recent session highs/Sept 06 lows 0.8391/94, followed by May 06 lows at 0.8400, and past Monday's lows at 0.8409.