29 Jan 2015
EUR/GBP making a minor recovery against the grain on 0.74 handle
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7516 with a high of 0.7526 and a low of 0.7442 and is up 0.92% on the day.
EUR/GBP is catching a minor bounce on the daily chart and has breached the resistance, 0.7510, for this week's business, making fresh highs for the week. The cross was offered to and as low as 0.7445 43 year uptrend recently but the bearish gap defined the true lows at 0.7402 at the start of the week and this continues to be on the bears map - beyond there we have the base of a 5 year down channel at 0.7392.
Karen Jones, chief analyst at Commerzbank explained that following such an extensive sell off, she would allow for some near term consolidation ahead of further weakness. "Below 0.7390 would introduce scope to 0.7235/25 an inter-year pivot. The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7935 2013-2015 downtrend."
EUR/GBP is catching a minor bounce on the daily chart and has breached the resistance, 0.7510, for this week's business, making fresh highs for the week. The cross was offered to and as low as 0.7445 43 year uptrend recently but the bearish gap defined the true lows at 0.7402 at the start of the week and this continues to be on the bears map - beyond there we have the base of a 5 year down channel at 0.7392.
Karen Jones, chief analyst at Commerzbank explained that following such an extensive sell off, she would allow for some near term consolidation ahead of further weakness. "Below 0.7390 would introduce scope to 0.7235/25 an inter-year pivot. The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7935 2013-2015 downtrend."