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5 Aug 2013
EUR/GBP retreats to support at 0.8640 level
FXstreet.com (New York) - The EUR/GBP technical cross has been hit hard Monday, amidst a strengthening GBP across the board leading into the BoE later this week.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP moved sharply lower on Friday, and extends the move towards the key low at 0.8675, a break below this low may extend the downside move further probably towards the ascending support for the latest bullish wave show on chart. We prefer to be neutral awaiting further confirmation of the next potential direction.”
EUR/GBP technical bias
At the time of writing, the EUR/GBP is now operating at 0.8639, having now suffered a staunch decline of -0.58% thus far during US trading. Technically speaking, the EUR/GBP has already breached support at 0.8659, and will look to test additional means at 0.8635, and 0.8592.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/GBP moved sharply lower on Friday, and extends the move towards the key low at 0.8675, a break below this low may extend the downside move further probably towards the ascending support for the latest bullish wave show on chart. We prefer to be neutral awaiting further confirmation of the next potential direction.”
EUR/GBP technical bias
At the time of writing, the EUR/GBP is now operating at 0.8639, having now suffered a staunch decline of -0.58% thus far during US trading. Technically speaking, the EUR/GBP has already breached support at 0.8659, and will look to test additional means at 0.8635, and 0.8592.