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15 Jan 2015
EUR/GBP climbs to highs near 0.7740
FXStreet (Edinburgh) - EUR/GBP is on a better mood at the beginning of the European trading hours, printing fresh session peaks in the 0.7740/45 area.
EUR/GBP poised for further pullbacks?
The entrenched bearish tone surrounding the single currency keeps hopes of a recovery in the cross almost flat, with the potential adoption of a QE programme by he ECB as the main obstacle for any bullish attempt. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has started to erode the 50% retracement of the entire move from 2000-2008 which is located at .7744. This remains the critical support and we would ideally like to see a weekly close below here to confirm the break”.
EUR/GBP levels to consider
The cross is now advancing 0.06% at 0.7743 with the immediate resistance at 0.7781 (high Jan.14) followed by 0.7799 (10d-MA) and then 0.7831 (high Jan.12). On the flip side, a breakdown of 0.7694 (low Oct.20 2008) would aim for 0.7666 (low Mar.14 2008) and finally 0.7596 (low Mar.10 2008).
EUR/GBP poised for further pullbacks?
The entrenched bearish tone surrounding the single currency keeps hopes of a recovery in the cross almost flat, with the potential adoption of a QE programme by he ECB as the main obstacle for any bullish attempt. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has started to erode the 50% retracement of the entire move from 2000-2008 which is located at .7744. This remains the critical support and we would ideally like to see a weekly close below here to confirm the break”.
EUR/GBP levels to consider
The cross is now advancing 0.06% at 0.7743 with the immediate resistance at 0.7781 (high Jan.14) followed by 0.7799 (10d-MA) and then 0.7831 (high Jan.12). On the flip side, a breakdown of 0.7694 (low Oct.20 2008) would aim for 0.7666 (low Mar.14 2008) and finally 0.7596 (low Mar.10 2008).