- Selling pressure around the British Pound intact in wake of renewed fears of another Scottish independence referendum.
- EUR/GBP extends gains after break above 200-DMA on Monday's trade.
- Developments around the French election will be in focus for fresh impetus on the Euro.
- Technicals support upside in the pair, RSI is biased higher and Stochs have rolled over from oversold levels.
- We see weakness only on close below 200-DMA at 0.8479.
Support levels - 0.8479 (200-DMA), 0.8461 (Feb 27 low), 0.84 (Feb 22 low)
Resistance levels - 0.8550 (50-DMA), 0.8592 (Feb 17 high), 0.8634 (Jan 31 high)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Neutral Neutral
1D Neutral Neutral
1W Neutral Neutral
Call update: We had advised a long on the pair (http://www.econotimes.com/FxWirePro-EUR-GPB-on-track-to-test-50-DMA-at-08547-good-to-long-dips-559659).
Recommendation: Bias higher. We recommend holding for targets. Bullish invalidation only on close below 200-DMA at 0.8479.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 43.8609(Neutral), while Hourly GBP Spot Index was at -126.097 (Highly Bearish) at 0845 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
