EUR/GBP: Falls Back To Lower End Of Range
XM Group | Apr 09, 2015 02:59AM ET
EUR/GBP is in a range and the near-term bias remains neutral. Resistance lies at the top of the range at 0.7384 and to the downside immediate support is at 0.7221. A break below this would bring the bias back to the downside and see a retest of the multi-year low of 0.7013 reached in March. If this support level fails to hold, a move lower would strengthen the downtrend that occurred from 0.8005 to 0.7013.
The market has found resistance from the Ichimoku cloud and also the RSI has fallen back into bearish territory below 50 so prices are at a critical juncture at the moment. Falling below 0.7221 would complete a double top reversal pattern. Alternatively, if prices move out of the range above 0.7384, there is scope to target 0.7591 and this event would weaken the overall bearish outlook.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.