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9 Feb 2015
EUR/GBP dips to 0.7430
FXStreet (Edinburgh) - EUR/GBP keeps the trade within a narrow range between 0.7460 and the current area of 0.7430.
EUR/GBP down with the euro
The cross is posting meagre gains following the better tone in the euro, whereas the sterling remains on the defensive camp. Events from Greece will be the main driver for the cross ahead in the week, although the market participants will also scrutinize the Quarterly Inflation Report by the BoE due on Thursday.
“The Elliott wave count on the daily suggests that there is scope for a deeper retracement to .7655/.7735, but the intraday charts are more negative”, suggested Karen Jones, FICC Technical Analysis at Commerzbank.
EUR/GBP significant levels
The cross is now up 0.06% at 0.7434 with the next resistance at 0.7487 (10d-MA) followed by 0.7500 (psychological level) and finally 0.7510 (high Feb.5). On the downside, a break below 0.7406 (2015 low Jan.26) would target 0.7321 (monthly low Jan.2008) en route to 0.7251 (61.8% 0.5681-0.9805).
EUR/GBP down with the euro
The cross is posting meagre gains following the better tone in the euro, whereas the sterling remains on the defensive camp. Events from Greece will be the main driver for the cross ahead in the week, although the market participants will also scrutinize the Quarterly Inflation Report by the BoE due on Thursday.
“The Elliott wave count on the daily suggests that there is scope for a deeper retracement to .7655/.7735, but the intraday charts are more negative”, suggested Karen Jones, FICC Technical Analysis at Commerzbank.
EUR/GBP significant levels
The cross is now up 0.06% at 0.7434 with the next resistance at 0.7487 (10d-MA) followed by 0.7500 (psychological level) and finally 0.7510 (high Feb.5). On the downside, a break below 0.7406 (2015 low Jan.26) would target 0.7321 (monthly low Jan.2008) en route to 0.7251 (61.8% 0.5681-0.9805).