FxWirePro: EUR/GBP hovers towards over 2-month trough, dip till 0.8275 likely
The euro eased, hovering towards an over 2-month low against the British pound after Britain’s new finance minister said he would deliver the budget as planned in three weeks However, conflicting views put forth by Brita…
The euro eased, hovering towards an over 2-month low against the British pound after Britain’s new finance minister said he would deliver the budget as planned in three weeks
However, conflicting views put forth by Britain and the European Union about their trade negotiations limited the British currency's upside.
EUR/GBP is trading 0.1 percent down at 0.8296, having hit a low 0.8281 on Tuesday, its lowest since December 13.
Technical indicators are bearish: RSI weak at 33, MACD supports downside and Stochs are at oversold levels
Immediate resistance is located at 0.8326 (5-DMA), a break above could take it near 0.8345 (23.6% retracement of 0.8504 and 0.8295)
On the downside, support is seen at 0.8275, a break below could drag it till 0.8248.
Recommendation: Good to sell on rallies around 0.8299, with stop loss of 0.8307 and target price of 0.8275.
