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Forex pairs in this Article » EUR/GBP (Barcelona) - The EUR/GBP has broken down badly in terms of the technicals – a function of this week’s stream of somewhat sluggish data out of Europe. Friday brings more potentially market-moving data out of Europe and Britain.

EUR/GBP weakness a testament to euro’s recent weakness

The EUR/GBP will react during the European session to British Mortgage Approval data but will have little else in the way of market-moving data for the rest of Tuesday. The weakness in the cross has been more a function of euro weakness than Pound strength.

Technical outlook for EUR/GBP

Technicians say the EUR/GBP is bouncing after cascading lower last week. Resistance for the cross comes in at the Fibonacci retracements of 0.8391, 0.8397 and 0.8414. Support for the cross comes in at Thursday’s low of 0.8329 and is backed up by the 11/7 low at 0.8299 and is followed up by the 12/2 low at 0.8252.
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