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20 Sep 2013
EUR/GBP stalling below 0.8450 ahead of Germany elections
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at 0.8439 off recent session/weekly highs at 0.8445 ahead of Germany elections Sunday, and earlier UK Public sector net borrowing at 08:30 GMT, followed by Bundesbank president Weidmann speaking at 11:30 GMT.
EUR/GBP good risk-reward for short-term bulls
“EUR/GBP is in retracement mode,” said FXWW founder Sean Lee, adding: “The cross has finally started to retrace after a reasonably big fall and the obvious targets are now at .8500 and .8535. Extreme patience is required with this pair but I remain in the bear camp and am happy to sell rallies back towards these levels. Any short-term dips back towards .8390 will offer good risk-reward possibilities for short-term bulls.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Sept 12 highs 0.8426, followed by Tuesday's highs at 0.8411, and Monday's highs/Sept 12 lows at 0.8393. To the upside, closest resistance shows at recent session/weekly highs 0.8445, followed by Sept 10 highs at 0.8454, and Sept 05 highs at 0.8465.
EUR/GBP good risk-reward for short-term bulls
“EUR/GBP is in retracement mode,” said FXWW founder Sean Lee, adding: “The cross has finally started to retrace after a reasonably big fall and the obvious targets are now at .8500 and .8535. Extreme patience is required with this pair but I remain in the bear camp and am happy to sell rallies back towards these levels. Any short-term dips back towards .8390 will offer good risk-reward possibilities for short-term bulls.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Sept 12 highs 0.8426, followed by Tuesday's highs at 0.8411, and Monday's highs/Sept 12 lows at 0.8393. To the upside, closest resistance shows at recent session/weekly highs 0.8445, followed by Sept 10 highs at 0.8454, and Sept 05 highs at 0.8465.