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27 Nov 2013
EUR/GBP in weekly lows around 0.8330
FXstreet.com (Edinburgh) - The selling interest around the EUR/GBP is now intensified by the strength surrounding the sterling, dragging the cross to weekly lows near 0.8330.
EUR/GBP lower after UK data
Results in line with expectations from the UK GDP during the third quarter have boosted the pound today. In addition, a noticeable EUR resilience has also collaborated with the intraday decline from highs near 0.8390. “… to return positive from a big picture perspective, we need to see a lot more, with a move and close above 0.8511 on a weekly basis (which seems a big ask here). So, until/unless that happens, we favour rallies struggling and the price falling back lower off any rallies”, noted Strategist Paul Robson at RBS.
EUR/GBP critical barriers
As of writing the cross is losing 0.34% at 0.8341 and a breach of 0.8331 (low Nov.27) would open the door to 0.8317 (low Nov.22) and finally 0.8300 (low Nov.7). On the upside, the initial barrier lines up at 0.8391 (high Nov.26) followed by 0.8398 (MA21d) and then 0.8415 (high Nov.20).
EUR/GBP lower after UK data
Results in line with expectations from the UK GDP during the third quarter have boosted the pound today. In addition, a noticeable EUR resilience has also collaborated with the intraday decline from highs near 0.8390. “… to return positive from a big picture perspective, we need to see a lot more, with a move and close above 0.8511 on a weekly basis (which seems a big ask here). So, until/unless that happens, we favour rallies struggling and the price falling back lower off any rallies”, noted Strategist Paul Robson at RBS.
EUR/GBP critical barriers
As of writing the cross is losing 0.34% at 0.8341 and a breach of 0.8331 (low Nov.27) would open the door to 0.8317 (low Nov.22) and finally 0.8300 (low Nov.7). On the upside, the initial barrier lines up at 0.8391 (high Nov.26) followed by 0.8398 (MA21d) and then 0.8415 (high Nov.20).