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14 Aug 2013
EUR/GBP capped below 0.86 ahead of UK jobs data
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading near session highs at 0.8588 on the back of mild Pound weakness, ahead of key data in the UK at 08:30 GMT in the form of unemployment figures and BoE MPC meeting minutes.
EUR/GBP at risk of breaking lower
According to Societe Generale analyst Sebastien Galy, the EUR/GBP “is supported by its MA(50) and at risk of a shallow break lower.” As for IFRMarkets: “The recent decline has retested trendline support and the 0.859 area is being defended by bulls on a daily closing basis. A clear daily close below 0.859 would see us looking to short but for now we stand aside and wait for bulls and bears to battle it out.”
EUR/GBP key technical levels
Immediate resistance to the upside for EUR/GBP shows at current levels as Monday's lows 0.8590, followed by yesterday's highs/July 12 lows at 0.8610, and August 08/Friday's highs at 0.8623/19. To the downside, closest support lies at August 07 lows at 0.8577, followed by July 10 lows 0.8573, and yesterday's fresh weekly lows at 0.8533.
EUR/GBP at risk of breaking lower
According to Societe Generale analyst Sebastien Galy, the EUR/GBP “is supported by its MA(50) and at risk of a shallow break lower.” As for IFRMarkets: “The recent decline has retested trendline support and the 0.859 area is being defended by bulls on a daily closing basis. A clear daily close below 0.859 would see us looking to short but for now we stand aside and wait for bulls and bears to battle it out.”
EUR/GBP key technical levels
Immediate resistance to the upside for EUR/GBP shows at current levels as Monday's lows 0.8590, followed by yesterday's highs/July 12 lows at 0.8610, and August 08/Friday's highs at 0.8623/19. To the downside, closest support lies at August 07 lows at 0.8577, followed by July 10 lows 0.8573, and yesterday's fresh weekly lows at 0.8533.