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12 Mar 2014
EUR/GBP pushes higher to… 0.8370?
FXStreet (Edinburgh) - The weakness around the sterling is intensifying on Wednesday, lifting the EUR/GBP to multi-week highs near 0.8370.
EUR/GBP closer to 0.8400
A combination of EUR resilience and GBP softness, around 1.3870 and 1.6580 against the greenback respectively, has been propping up the cross since mid-February, allowing a visit to levels last seen in early January. “For the last few weeks, the technical picture has been warning that price is trying to turn back higher and to watch how price reacts at 0.8140/60 support. At this stage, we stay with the view that EUR/GBP potentially targets 0.84. However, as we near 0.8310 (initial resistance), be alert to a weekly close above 0.8315 opening up the way for a test of the stronger resistance at 0.8400, in our view”.
EUR/GBP relevant levels
As of writing the cross is up 0.23% at 0.8360 with the next resistance at 0.8373 (high Dec.31) ahead of 0.8391 (high Dec.27) and then 0.8394 (high Dec.24). On the flip side, a breakdown of 0.8325 (low Mar.12) would expose 0.8320 (low Mar.11) and finally 0.8318 (daily cloud top).
EUR/GBP closer to 0.8400
A combination of EUR resilience and GBP softness, around 1.3870 and 1.6580 against the greenback respectively, has been propping up the cross since mid-February, allowing a visit to levels last seen in early January. “For the last few weeks, the technical picture has been warning that price is trying to turn back higher and to watch how price reacts at 0.8140/60 support. At this stage, we stay with the view that EUR/GBP potentially targets 0.84. However, as we near 0.8310 (initial resistance), be alert to a weekly close above 0.8315 opening up the way for a test of the stronger resistance at 0.8400, in our view”.
EUR/GBP relevant levels
As of writing the cross is up 0.23% at 0.8360 with the next resistance at 0.8373 (high Dec.31) ahead of 0.8391 (high Dec.27) and then 0.8394 (high Dec.24). On the flip side, a breakdown of 0.8325 (low Mar.12) would expose 0.8320 (low Mar.11) and finally 0.8318 (daily cloud top).