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12 Aug 2013
EUR/GBP hovering around the 0.86 handle
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at 0.8602, off recent session lows at 0.8589 ahead of a London session with no risk events scheduled, awaiting tomorrow's UK CPI and German ZEW.
EUR/GBP market structure weakened
“The scope is for losses down to the 30-day lower Bollinger-band at 0.8532 in coming sessions,” said IFRMarkets analysts team, adding: “Heavy volume confirmed the close below the 30-DMA, this weakens the underlying market structure further. We are looking to get short on rallies to 0.8665, ahead of the 10-DMA.”
EUR/GBP key technical levels
Immediate resistance to the upside for EUR/GBP shows at recent session highs/July 12 lows 0.8610, followed by August 08 highs at 0.8623, and July 25 highs at 0.8645. To the downside, closest support lies at session lows 0.8589, followed by August 07 lows at 0.8577, and July 10 lows 0.8573.
EUR/GBP market structure weakened
“The scope is for losses down to the 30-day lower Bollinger-band at 0.8532 in coming sessions,” said IFRMarkets analysts team, adding: “Heavy volume confirmed the close below the 30-DMA, this weakens the underlying market structure further. We are looking to get short on rallies to 0.8665, ahead of the 10-DMA.”
EUR/GBP key technical levels
Immediate resistance to the upside for EUR/GBP shows at recent session highs/July 12 lows 0.8610, followed by August 08 highs at 0.8623, and July 25 highs at 0.8645. To the downside, closest support lies at session lows 0.8589, followed by August 07 lows at 0.8577, and July 10 lows 0.8573.