Back
15 May 2015
EUR/GBP: Rallies to fade at 0.7482 channel top
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7233 with a high of 0.7238 and a low of 0.7205.
EUR/GBP is denying the bears in the European close for the week with support on the 0.72 support. The greenback is weak and the euro is rallying across the board. The cross has been lacking directional strength with mixed signals from European markets, coupled with Carney's dovish and cautious rhetoric in the UK's inflationary and economic outlook recently, there is a bias to the upside.
Technically, Karen Jones, chief analyst at Commerzbank explained "Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."
EUR/GBP is denying the bears in the European close for the week with support on the 0.72 support. The greenback is weak and the euro is rallying across the board. The cross has been lacking directional strength with mixed signals from European markets, coupled with Carney's dovish and cautious rhetoric in the UK's inflationary and economic outlook recently, there is a bias to the upside.
Technically, Karen Jones, chief analyst at Commerzbank explained "Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."