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18 Sep 2013
EUR/GBP battling to recover the 0.84 handle ahead of BoE
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at 0.8399 strongly capped below the round 0.8400 ahead of key BoE minutes at 08:30 GMT.
EUR/GBP uncertainty rising
“We stand aside for now as there are high risks for either longs or shorts from current levels,” said IFRMarkets analysts, adding: “If we see a clear daily close above the key 0.84 level we'll get long for a rally towards the cluster of daily lows seen in June / July near 0.8470/80. A fresh bearish candle after this retest of 0.84 would see us getting short for a run towards the 50% fib of the rally from the July 2012 low - the fib lies at 0.829.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session/past Thurs lows at 0.8392/90, followed by Sept 11 lows at 0.8380, and yesterday's lows at 0.8375. To the upside, closest resistance shows at Sept 09 lows/yesterday's weekly highs 0.8409/11, followed by Friday's highs at 0.8418, and Sept 12 highs at 0.8425.
EUR/GBP uncertainty rising
“We stand aside for now as there are high risks for either longs or shorts from current levels,” said IFRMarkets analysts, adding: “If we see a clear daily close above the key 0.84 level we'll get long for a rally towards the cluster of daily lows seen in June / July near 0.8470/80. A fresh bearish candle after this retest of 0.84 would see us getting short for a run towards the 50% fib of the rally from the July 2012 low - the fib lies at 0.829.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session/past Thurs lows at 0.8392/90, followed by Sept 11 lows at 0.8380, and yesterday's lows at 0.8375. To the upside, closest resistance shows at Sept 09 lows/yesterday's weekly highs 0.8409/11, followed by Friday's highs at 0.8418, and Sept 12 highs at 0.8425.