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25 Jul 2014
EUR/GBP consolidates after 2-day recovery
FXStreet (Córdoba) - The EUR/GBP entered a consolidation phase Friday and has spent most of the day in a quite slim range, after recovering from a 22-month low scored earlier this week.
The EUR/GBP staged a 2-day recovery as the pound weakened broadly following less hawkish than expected BoE minutes Wednesday and disappointing UK retail sales Thursday, climbing from a low of 0.7873 to a 1-week high of 0.7938 before settling in a 10-pip range.
EUR/GBP technical levels
At time of writing, the EUR/GBP is trading at 0.7928, virtually unchanged on the day, with immediate resistances lining up at 0.7938 (Jul 24 high), 0.7980 (Jul 15 high) and 0.8000 (psychological level). On the other hand supports are seen at 0.7915 (10-day SMA),0.7873 (2014 low Jul 23) and 0.7855 (Aug 21 2012 low).
The EUR/GBP staged a 2-day recovery as the pound weakened broadly following less hawkish than expected BoE minutes Wednesday and disappointing UK retail sales Thursday, climbing from a low of 0.7873 to a 1-week high of 0.7938 before settling in a 10-pip range.
EUR/GBP technical levels
At time of writing, the EUR/GBP is trading at 0.7928, virtually unchanged on the day, with immediate resistances lining up at 0.7938 (Jul 24 high), 0.7980 (Jul 15 high) and 0.8000 (psychological level). On the other hand supports are seen at 0.7915 (10-day SMA),0.7873 (2014 low Jul 23) and 0.7855 (Aug 21 2012 low).