FxWirePro: EUR/GBP retreats from 2-week peak, dip till 0.8432 likely
The euro eased, extending previous session losses against the British pound. According to a Reuters poll of market strategists, sterling is expected to rise by almost 4 percent by the year-end on expectations that Britai…
The euro eased, extending previous session losses against the British pound.
According to a Reuters poll of market strategists, sterling is expected to rise by almost 4 percent by the year-end on expectations that Britain will secure a trade deal with the European Union this year.
On Tuesday, the pair rallied to a 2-week peak after Prime Minister Boris Johnson set out tough terms for Brexit talks.
EUR/GBP is trading 0.4 percent down at 0.8444, having hit a high 0.8537 on Tuesday, its highest since January 20.
Technical indicators are bearish: RSI weak at 45.93, Stochs are biased lower and MACD supports downside.
Immediate resistance is located at 0.8487, a break above could take it near 0.8521 (55-EMA).
On the downside, support is seen at 0.8432, a break below could drag it till 0.8412.
Recommendation: Good to sell on rallies around 0.8473, with stop loss of 0.8487 and target price of 0.8432.
