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10 Jun 2014
EUR/GBP stuck in a range until 0.8167
FXStreet (Guatemala) - EUR/GBP is trading at 0.8084, down -0.07% on the day, having posted a daily high at 0.8097 and low at 0.8063.
Strategists at RBS explained that the pair rejected the 0.8065 retracement during the ECB conference, suggesting that after a period of consolidation and perhaps rangy theme within 0.8065 – 0.8150, a bullish reversal would be possible with the next resistance of 0.8167 (the 138.2% Fibonacci projection from the Aug-Oct move), as 0.8116 saw a sustained breakout. “Therefore, the EUR/GBP will likely stay in a range for some time, but will move further North to 0.8231 once the 0.8167 is broken”.
EUR/GBP Levels
Current price is 0.8084, with resistance ahead at 0.8088 (Yesterday's Low), 0.8090 (Monthly Low), 0.8090 (Weekly Low), 0.8090 (Annual Low) and 0.8090 (YTD Low). Next support to the downside can be found at 0.8084 (Hourly 20 EMA), 0.8077 (Daily Classic S1), 0.8071 (Weekly Classic S1), 0.8063 (Daily Classic S2) and 0.8063 (Daily Low).
Strategists at RBS explained that the pair rejected the 0.8065 retracement during the ECB conference, suggesting that after a period of consolidation and perhaps rangy theme within 0.8065 – 0.8150, a bullish reversal would be possible with the next resistance of 0.8167 (the 138.2% Fibonacci projection from the Aug-Oct move), as 0.8116 saw a sustained breakout. “Therefore, the EUR/GBP will likely stay in a range for some time, but will move further North to 0.8231 once the 0.8167 is broken”.
EUR/GBP Levels
Current price is 0.8084, with resistance ahead at 0.8088 (Yesterday's Low), 0.8090 (Monthly Low), 0.8090 (Weekly Low), 0.8090 (Annual Low) and 0.8090 (YTD Low). Next support to the downside can be found at 0.8084 (Hourly 20 EMA), 0.8077 (Daily Classic S1), 0.8071 (Weekly Classic S1), 0.8063 (Daily Classic S2) and 0.8063 (Daily Low).