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10 Sep 2013
EUR/GBP tumble could just be the beginning
FXstreet.com (Lisbon) - The EUR/GBP foreign exchange rate has notched a prolonged decline Tuesday, that worryingly has yet to figure out a way to control the bleeding during European trading.
EUR/GBP strategic bias
According to Karen Jones, an analyst at Commerzbank, “Last week the EUR/GBP briefly dropped through its April 2013 low at 0.8399 to 0.8393 before rising back above this level. Any rebounds will find initial resistance offered by the June low at 0.8470, the 220-day MA at 0.8491 and stronger resistance at 0.8536, the 38.2% Fibonacci retracement of the recent decline. Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of 0.8280/0.8155/0.7980 have been introduced (Fibonacci retracements of the move up from 2012).”
EUR/GBP technical levels
In these moments the EUR/GBP is now operating at 0.8429, incurring a fall of -0.16% during European trading. Technically speaking, the EUR/GBP will look to face supports at 0.8419, ahead of 0.8395, and 0.8379, notes the Mataf.net Analyst Team.
EUR/GBP strategic bias
According to Karen Jones, an analyst at Commerzbank, “Last week the EUR/GBP briefly dropped through its April 2013 low at 0.8399 to 0.8393 before rising back above this level. Any rebounds will find initial resistance offered by the June low at 0.8470, the 220-day MA at 0.8491 and stronger resistance at 0.8536, the 38.2% Fibonacci retracement of the recent decline. Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of 0.8280/0.8155/0.7980 have been introduced (Fibonacci retracements of the move up from 2012).”
EUR/GBP technical levels
In these moments the EUR/GBP is now operating at 0.8429, incurring a fall of -0.16% during European trading. Technically speaking, the EUR/GBP will look to face supports at 0.8419, ahead of 0.8395, and 0.8379, notes the Mataf.net Analyst Team.