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13 Mar 2014
EUR/GBP off highs, back to 0.8360
FXStreet (Edinburgh) - The EUR/GBP is now deflating to the 0.8360 region on Thursday, after hitting fresh multi-month highs near 0.8380.
EUR/GBP stronger following the EUR
The cross is performing relatively well following the recent EUR rally (near 1.3970 vs. the greenback), managing to pick up pace since early February’s troughs below 0.8150. The renewed weakness around the sterling would also be supporting the bull run, actually attempting to regain the 1.6700 handle vs. the USD. “The broader downtrend remains intact—a succession of lower lows and lower highs since the middle of last year, in fact. The move has flattened out since the start of the year but, from here only a sustained push through 0.8350 (potential double bottom for a rally to the low 0.85s) would point to scope for more gains”, underlined Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/GBP significant levels
The cross is now up 0.01% at 0.8367 and a breakout of 0.8373 (high Dec.31) would aim for 0.8391 (high Dec.27) and then 0.8394 (high Dec.24). On the flip side, the initial down-barrier lines up at 0.8325 (low Mar.12) ahead of 0.8320 (low Mar.11) and finally 0.8318 (daily cloud top).
EUR/GBP stronger following the EUR
The cross is performing relatively well following the recent EUR rally (near 1.3970 vs. the greenback), managing to pick up pace since early February’s troughs below 0.8150. The renewed weakness around the sterling would also be supporting the bull run, actually attempting to regain the 1.6700 handle vs. the USD. “The broader downtrend remains intact—a succession of lower lows and lower highs since the middle of last year, in fact. The move has flattened out since the start of the year but, from here only a sustained push through 0.8350 (potential double bottom for a rally to the low 0.85s) would point to scope for more gains”, underlined Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/GBP significant levels
The cross is now up 0.01% at 0.8367 and a breakout of 0.8373 (high Dec.31) would aim for 0.8391 (high Dec.27) and then 0.8394 (high Dec.24). On the flip side, the initial down-barrier lines up at 0.8325 (low Mar.12) ahead of 0.8320 (low Mar.11) and finally 0.8318 (daily cloud top).