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17 Jul 2013
EUR/GBP recovery attempt stalls, support broken
FXstreet.com (New York) - The EUR/GBP technical cross has rebounded off earlier lows at 0.8615, however a recovery attempt stalled recently at the 0.8635 level.
At the time of writing, the EUR/GBP is now operating at just 0.8627, having moved lower and incurred losses of -0.60% off its opening – earlier today the pair traded in excess of 0.8700 (0.8713 intraday high). Following the break below support at 0.8652, the Mataf.net analyst team points to supportive measures at 0.8515 (session low), ahead of 0.8587.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP has broken the ascending support for the rising wedge pattern, heading towards 0.8630-0.8625 horizontal support, and thus the intraday bias has probably flipped to bearish, accordingly, we revoke our intraday bullish view and move to the sidelines.”
At the time of writing, the EUR/GBP is now operating at just 0.8627, having moved lower and incurred losses of -0.60% off its opening – earlier today the pair traded in excess of 0.8700 (0.8713 intraday high). Following the break below support at 0.8652, the Mataf.net analyst team points to supportive measures at 0.8515 (session low), ahead of 0.8587.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP has broken the ascending support for the rising wedge pattern, heading towards 0.8630-0.8625 horizontal support, and thus the intraday bias has probably flipped to bearish, accordingly, we revoke our intraday bullish view and move to the sidelines.”