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12 Sep 2013
EUR/GBP threatening the 0.84 big support
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at 0.8414 totally flat since the NY close inside some 10 pips wide range, off London session and fresh 9-month lows printed at 0.8381 after improving employment data released in the UK yesterday.
EUR/GBP important support expected to be broken
“The euro could see more consistent losses against the British pound,” said BK Asset Management managing director Kathy Lien, adding: “84 cents is a very important support level for EUR/GBP that we expect to be broken in the medium term with a potential move down to 82 cents for the pair. If EUR/GBP rallies, we would view that as an opportunity to sell at a higher level.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at current levels as Monday's lows 0.8410, followed by Sept 05 lows at 0.8405, and Friday's lows at 0.8390. To the upside, closest resistance shows at recent session highs 0.8419, followed by Tuesday's lows/Sept 04 lows at 0.8421/25, and yesterday's highs at 0.8440.
EUR/GBP important support expected to be broken
“The euro could see more consistent losses against the British pound,” said BK Asset Management managing director Kathy Lien, adding: “84 cents is a very important support level for EUR/GBP that we expect to be broken in the medium term with a potential move down to 82 cents for the pair. If EUR/GBP rallies, we would view that as an opportunity to sell at a higher level.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at current levels as Monday's lows 0.8410, followed by Sept 05 lows at 0.8405, and Friday's lows at 0.8390. To the upside, closest resistance shows at recent session highs 0.8419, followed by Tuesday's lows/Sept 04 lows at 0.8421/25, and yesterday's highs at 0.8440.