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19 May 2014
EUR/GBP bulls don't give up easily
FXStreet (Moscow) - EUR/GBP is trading at 0.8155, marginally higher on the day, and off the intraday low at 0.8139.
EUR/GBP’s tug-of-war
The pair has been busy with range bounding recently, and the same developments may be seen during the coming week, if no significant surprises come out from the fundamentals. The cross is trading not far from the January, 2013 lows, and more positive surprises from the British economy may help the pound to refresh the year and the half highs. Pay special attention to revised GDP reading and CPI data, as these are the key indicators for the BOE to assess the economic outlook. The upside may be limited by 0.8180 resistance at the moment, while the downside is defended by 0.8140.
What price levels and patterns have to be considered?
Current price is 0.8155, with resistance ahead at 0.8157 (Hourly 100 SMA), 0.8161 (Daily High), 0.8167 (Daily Classic R1), 0.8170 (Hourly 200 SMA) and 0.8175 (Yesterday's High).
Next support to the downside can be found at 0.8152 (Daily Classic PP), 0.8152 (Weekly Classic PP), 0.8149 (Hourly 20 EMA), 0.8145 (Monthly Low) and 0.8145 (Weekly Low).
Looking at price patterns, we can see a Hammer 4-hour candlestick formation
EUR/GBP’s tug-of-war
The pair has been busy with range bounding recently, and the same developments may be seen during the coming week, if no significant surprises come out from the fundamentals. The cross is trading not far from the January, 2013 lows, and more positive surprises from the British economy may help the pound to refresh the year and the half highs. Pay special attention to revised GDP reading and CPI data, as these are the key indicators for the BOE to assess the economic outlook. The upside may be limited by 0.8180 resistance at the moment, while the downside is defended by 0.8140.
What price levels and patterns have to be considered?
Current price is 0.8155, with resistance ahead at 0.8157 (Hourly 100 SMA), 0.8161 (Daily High), 0.8167 (Daily Classic R1), 0.8170 (Hourly 200 SMA) and 0.8175 (Yesterday's High).
Next support to the downside can be found at 0.8152 (Daily Classic PP), 0.8152 (Weekly Classic PP), 0.8149 (Hourly 20 EMA), 0.8145 (Monthly Low) and 0.8145 (Weekly Low).
Looking at price patterns, we can see a Hammer 4-hour candlestick formation