6 Jun 2013
EUR/GBP back below 0.8500
FXstreet.com (Barcelona) - The pair is now facing increasing selling pressure as the pound continues to gain traction in contrast with a steady euro on Thursday.
Ahead of the BoE and ECB meetings due later, Currency Strategist Ilya Spivak at DailyFX, commented, “the formation of a Triangle Chart preceded a breakout higher, as expected. Prices have now pulled back to near-term support at 0.8494, with a drop below that eyeing the triangle top at 0.8465. Near-term resistance is at 0.8575, with a break above that exposing the 23.6% Fibonacci expansion at 0.8648”.
As of writing EUR/GBP is down 0.07% at 0.8492 with the next support at 0.8475 (low May 14) followed by 0.8441 (low May 21) and then 0.8400 (low May 6). On the upside, a breakout of 0.8547 (high Jun.5) would open the door to 0.8559 (high Jun.4) and finally 0.8578 (high May 31).
Ahead of the BoE and ECB meetings due later, Currency Strategist Ilya Spivak at DailyFX, commented, “the formation of a Triangle Chart preceded a breakout higher, as expected. Prices have now pulled back to near-term support at 0.8494, with a drop below that eyeing the triangle top at 0.8465. Near-term resistance is at 0.8575, with a break above that exposing the 23.6% Fibonacci expansion at 0.8648”.
As of writing EUR/GBP is down 0.07% at 0.8492 with the next support at 0.8475 (low May 14) followed by 0.8441 (low May 21) and then 0.8400 (low May 6). On the upside, a breakout of 0.8547 (high Jun.5) would open the door to 0.8559 (high Jun.4) and finally 0.8578 (high May 31).