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18 Oct 2013
EUR/GBP still working its way through consolidation ahead of what should be a big move
FXstreet.com (Barcelona) - The EUR/GBP cross appears to still be in the process of retracing some of Wednesday’s big gains. The next sizable move still appears to be to the upside at this point.
EUR/GBP traders have to look to technicals for guidance with no data due out
It has been a very busy week of data for Europe and Britain – which clearly had a hand in the very choppy trading action in EUR/GBP this week. Friday is a “dark” day in terms of data, though, so traders will have to get their keys from technicals and any surprise headlines that may pop up.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross managed to hold up (thus far) above horizontal line support at 0.8444 and is backed up by the 10/8 low of 0.8423. Resistance comes into play at the 10/11 peak at 0.8508 with major “correction resistance” at 0.8538 above that.
EUR/GBP traders have to look to technicals for guidance with no data due out
It has been a very busy week of data for Europe and Britain – which clearly had a hand in the very choppy trading action in EUR/GBP this week. Friday is a “dark” day in terms of data, though, so traders will have to get their keys from technicals and any surprise headlines that may pop up.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross managed to hold up (thus far) above horizontal line support at 0.8444 and is backed up by the 10/8 low of 0.8423. Resistance comes into play at the 10/11 peak at 0.8508 with major “correction resistance” at 0.8538 above that.