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15 Mar 2013
Forex: EUR/GBP upside capped around 0.8650
FXstreet.com (Barcelona) - The pair remains sidelined in the vicinity of 0.8630/35 on Friday, after a failed attempt to break above 0.8650
The renewed strength in the sterling since Tuesday has been weighting on the cross, falling from the boundaries of 0.8800
I.Spivak, Currency Strategist at DailyFX, suggested, “prices broke support at 0.8642, the 23.6% Fibonacci expansion, completing a bearish rising wedge char formation and exposing the 38.2% level at 0.8535. Alternatively, a reversal back above 0.8642 and the wedge bottom (now at 0.8659) aims for the 14.6% retracement at 0.8708”.
At the moment the cross is up 0.18% at 0.8635 with the next hurdle at 0.8661 (MA21d) ahead of 0.8684 (high Mar.14) and then 0.8745 (high Mar.13).
On the flip side, a breakdown of 0.8611 (low Mar.14) would clear the way to 0.8589 (low Mar.5) and finally 0.8576 (low Feb.26).
The renewed strength in the sterling since Tuesday has been weighting on the cross, falling from the boundaries of 0.8800
I.Spivak, Currency Strategist at DailyFX, suggested, “prices broke support at 0.8642, the 23.6% Fibonacci expansion, completing a bearish rising wedge char formation and exposing the 38.2% level at 0.8535. Alternatively, a reversal back above 0.8642 and the wedge bottom (now at 0.8659) aims for the 14.6% retracement at 0.8708”.
At the moment the cross is up 0.18% at 0.8635 with the next hurdle at 0.8661 (MA21d) ahead of 0.8684 (high Mar.14) and then 0.8745 (high Mar.13).
On the flip side, a breakdown of 0.8611 (low Mar.14) would clear the way to 0.8589 (low Mar.5) and finally 0.8576 (low Feb.26).