Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/GBP breaks strong trendline support at 0.7895, good to short rallies

  • EUR/GBP is on track for a second consecutive week of declines. Pair has slipped below key trendline support at 0.7895.
     
  • The European currency is now accelerating its decline, extending its offered tone sparked yesterday following President Draghi’s press conference, dragging EUR/GBP lower.
     
  • Data released earlier today showed weak euro area PMIs which point to continuing modest growth. 
     
  • Technical indicators are biased lower, pair is likely to test cloud support at 0.7786.
     
  • Immediate resistance is located at 0.7899, ahead of 0.79 and then 0.7935 (trendline).

Recommendation: Short rallies around 0.7840, SL: 0.79, TP: 0.78/0.7785/0.7775
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.