5 Mar 2015
EUR/GBP: Bearish bias below accelerated down trend
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7235 with a high of 0.7288 and a low of 0.7219.
EUR/GBP has been pressured on the back of activity over the ECB earlier, and although there were no surprises, markets have pushed the single currency to one side. The cross had made a pop to the topside initially around the ECB with 0.7280 being tested before plummeting to 0.7227 lows and around the inter-year pivot with a large divergence of the daily RSI, as noted by Karen Jones chief analyst at Commerzbank.
Jones explained that, technically, the EUR/GBP market will remain directly offered below the 0.7299 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure. "Above the 0.7299 accelerated downtrend lies the 23.6% retracement of the down move at 0.7392."
EUR/GBP has been pressured on the back of activity over the ECB earlier, and although there were no surprises, markets have pushed the single currency to one side. The cross had made a pop to the topside initially around the ECB with 0.7280 being tested before plummeting to 0.7227 lows and around the inter-year pivot with a large divergence of the daily RSI, as noted by Karen Jones chief analyst at Commerzbank.
Jones explained that, technically, the EUR/GBP market will remain directly offered below the 0.7299 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure. "Above the 0.7299 accelerated downtrend lies the 23.6% retracement of the down move at 0.7392."