29 Jul 2013
EUR/GBP still lurking below Fibonacci resistance at 0.8631
FXstreet.com (Barcelona) - The EUR/GBP gapped up and made a few zigs and zags, but now is trading sideways at only slightly positive territory in the first session of the week – right at the 0.8631 resistance level.
British data later Monday will likely dictate direction for EUR/GBP
Mortgage approval, lending and consumer credit data from Great Britain is due out Monday morning at 08:30 GM. With a very slow day in terms of economic data out of Europe, the British data will be in the driver’s seat for the EUR/GBP on Monday.
Technical commentary on EUR/GBP
Technicians point out that this bounce in EUR/GBP took the cross up to the 38.2% Fibonacci retracement (of the most recent decline) line at 0.8631. The rally thus far has hit a wall at 0.8631 and those same technicians are calling for another shot lower with a projected target of 0.85141. Above 0.8631, the next to Fibonacci resistance levels are 0.8646 and 0.8661. Support for EUR/GBP comes in at last Tuesday’s low at 0.8581 and the 7/3 low at 0.8513.
British data later Monday will likely dictate direction for EUR/GBP
Mortgage approval, lending and consumer credit data from Great Britain is due out Monday morning at 08:30 GM. With a very slow day in terms of economic data out of Europe, the British data will be in the driver’s seat for the EUR/GBP on Monday.
Technical commentary on EUR/GBP
Technicians point out that this bounce in EUR/GBP took the cross up to the 38.2% Fibonacci retracement (of the most recent decline) line at 0.8631. The rally thus far has hit a wall at 0.8631 and those same technicians are calling for another shot lower with a projected target of 0.85141. Above 0.8631, the next to Fibonacci resistance levels are 0.8646 and 0.8661. Support for EUR/GBP comes in at last Tuesday’s low at 0.8581 and the 7/3 low at 0.8513.