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29 Aug 2013
EUR/GBP showing weakness below 0.8600
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at near session lows at 0.8580 after selling off from yesterday's weekly highs above 0.8650 following BoE Carney's comments, ahead of today's German unemployment rate data and Italian bond auction later on during the London session.
EUR/GBP staying rangebound
With the EUR/GBP cross back to marginally lower for the week so far, FXWW founder Sean Lee thinks “EUR/USD looks technically toppy in short-term so long as 1.3425/50 resistance is able to hold,” adding: “Bank reports continue to suggest that this pair underpinned by strong structural demand and will break higher once the speculators wilt.” Lee expands: “EUR/GBP (surprise, surprise) still trading around .8600. I’m still comfortable with long cable and short EUR/GBP position.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session/Monday's lows 0.8577, followed by yesterday's fresh weekly lows at 0.8572 and Friday's lows at 0.8536. To the upside, closest resistance shows at recent session highs 0.8595, followed by Monday's/Friday's highs at 0.8603, and Tuesday's highs at 0.8624.
EUR/GBP staying rangebound
With the EUR/GBP cross back to marginally lower for the week so far, FXWW founder Sean Lee thinks “EUR/USD looks technically toppy in short-term so long as 1.3425/50 resistance is able to hold,” adding: “Bank reports continue to suggest that this pair underpinned by strong structural demand and will break higher once the speculators wilt.” Lee expands: “EUR/GBP (surprise, surprise) still trading around .8600. I’m still comfortable with long cable and short EUR/GBP position.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at recent session/Monday's lows 0.8577, followed by yesterday's fresh weekly lows at 0.8572 and Friday's lows at 0.8536. To the upside, closest resistance shows at recent session highs 0.8595, followed by Monday's/Friday's highs at 0.8603, and Tuesday's highs at 0.8624.