Forex: EUR/GBP holding upside bias above 0.8100
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EUR/GBP
FXstreet.com (Barcelona) - EURGBP is last at 0.8130, off session lows at 0.8114. The cross stalled today's upside at session highs 0.8155, around 38.2% Fibo retrace at 0.8150, of latest down leg coming from previous 7-month high Friday at 0.8228. Pound has been strongest currency major since Friday, only below NZD.
Some analysts are calling for the bullish bias in the cross while above support at 0.8035, where its 200 day SMA sits, and past Dec lows. EURGBP has been down -2.5% since 2012 started, now holding around previous highs had been capping the upside since June 2012. UK PMI figures at 09:30 GMT will focus market attention on Pound, once U.S. "fiscal cliff" has been so far averted following US. House vote on Senate's bill by late Tuesday in Washington.
Immediate resistance to the upside for EURGBP shows at mentioned session highs/38.2% Fib retrace 0.8151/5, followed by Friday's lows/50% of same down leg at 0.8165, and Dec 24 highs at 0.8185. To the downside, closest support lies at session/Dec 21 lows 0.8114, followed by Monday's lows 0.8101, and Nov 15 highs at 0.8066.
Some analysts are calling for the bullish bias in the cross while above support at 0.8035, where its 200 day SMA sits, and past Dec lows. EURGBP has been down -2.5% since 2012 started, now holding around previous highs had been capping the upside since June 2012. UK PMI figures at 09:30 GMT will focus market attention on Pound, once U.S. "fiscal cliff" has been so far averted following US. House vote on Senate's bill by late Tuesday in Washington.
Immediate resistance to the upside for EURGBP shows at mentioned session highs/38.2% Fib retrace 0.8151/5, followed by Friday's lows/50% of same down leg at 0.8165, and Dec 24 highs at 0.8185. To the downside, closest support lies at session/Dec 21 lows 0.8114, followed by Monday's lows 0.8101, and Nov 15 highs at 0.8066.
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