Back
15 Aug 2013
EUR/GBP, reminiscences of bearish operations?
FXstreet.com (Chicago) - EUR/GBP attempts to recover 0.21% daily losses incurred so far post positive retail sales data in the UK.
At 1.1%, retail sales (MoM) as well as retail sales ex-Fuel (MoM) results were better than expected. Market participants seemed to react upon data release to strengthen the pound and send the pair to lower zones.
Price action reveals an attempt from the bulls to send the pair above 0.8536 immediate resistance (June 21st highs). Trading between supports at 0.8525 (July 3rd highs), 0.8500 (July 5th lows) ahead of 0.8489 (June 28th lows) and resistances at 0.8550 (June 19th highs), 0.8568 (July 6th lows), the FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis.
According to the ICN technical analysis team, “the pair resumed the strong bearish bias after completing a minor pullback to 0.8570, to extend the bearish wave to new lows. Accordingly, the bearish scenario continues to be favored”. For the short-term the bias is reported as sideways.
At 1.1%, retail sales (MoM) as well as retail sales ex-Fuel (MoM) results were better than expected. Market participants seemed to react upon data release to strengthen the pound and send the pair to lower zones.
Price action reveals an attempt from the bulls to send the pair above 0.8536 immediate resistance (June 21st highs). Trading between supports at 0.8525 (July 3rd highs), 0.8500 (July 5th lows) ahead of 0.8489 (June 28th lows) and resistances at 0.8550 (June 19th highs), 0.8568 (July 6th lows), the FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis.
According to the ICN technical analysis team, “the pair resumed the strong bearish bias after completing a minor pullback to 0.8570, to extend the bearish wave to new lows. Accordingly, the bearish scenario continues to be favored”. For the short-term the bias is reported as sideways.