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30 Sep 2013
EUR/GBP target is 0.8241 say technicians; Monday action in sync with that outlook
FXstreet.com (Barcelona) - EUR/GBP getting crushed Monday on the obvious concerns over Italy and the less obvious, but equally important factor of the Bank of England’s recent hawkishness.
EUR/GBP traders will look to British and EU data for guidance in the coming hours
The euro is getting hammered across the board early on Monday as the potential collapse of the Italian government looms large. The euro weakness is combining with the ongoing strength of the British pound to force the EUR/GBP cross down through technical support with possibly much more downside in sight.
In the next several hours, EUR/GBP traders will get to trade off of German retail sales, EU consumer prices and British mortgage approvals.
Technical outlook for EUR/GBP
Technicians warn that the EUR/GBP will really cascade lower if the 0.8351 support level is violated on a closing basis. Below that level, technicians have a downside target range that reaches as far down as 0.8241. Key resistance comes in at 0.8450.
EUR/GBP traders will look to British and EU data for guidance in the coming hours
The euro is getting hammered across the board early on Monday as the potential collapse of the Italian government looms large. The euro weakness is combining with the ongoing strength of the British pound to force the EUR/GBP cross down through technical support with possibly much more downside in sight.
In the next several hours, EUR/GBP traders will get to trade off of German retail sales, EU consumer prices and British mortgage approvals.
Technical outlook for EUR/GBP
Technicians warn that the EUR/GBP will really cascade lower if the 0.8351 support level is violated on a closing basis. Below that level, technicians have a downside target range that reaches as far down as 0.8241. Key resistance comes in at 0.8450.