Forex: EUR/GBP off 5-month highs; stalls below 0.8400
FXstreet.com (Barcelona) - EURGBP is currently back to previous weekly close Friday's price, last at 0.8392, also session lows, off fresh 5-month and session highs at 0.8406, printed in early Asia-Pacific trade on the back of Pound weakness.
Pound is second weakest currency among all majors in last few days, just above the Yen. The cross faces a very strong resistance area ahead around the 0.8420 level as key Fibo price, and ask line from the end of year 2011 till late March 2012, coupled with an overbought reading in daily RSI 14 around the 75 figure.
London session ahead will not bring any major economic data for the UK side of the equation, while for the EUR side the Eurogroup meetings will be taking place all Monday long in Brussels, which could trigger some short term volatility in the EURUSD pair, and thus in the EURGBP cross as well. France will try to sell treasury bills at 13:50 GMT.
Immediate resistance to the upside for EURGBP shows at recent fresh 5-month highs 0.8406, followed by March 12 2012 highs at 0.8420, and Nov 10 2011 lows at 0.8482. To the downside, closest support lies at current levels as Friday's London session highs 0.8385, followed by Friday's lows at 0.8354, and Jan 15 highs at 0.8327.
Pound is second weakest currency among all majors in last few days, just above the Yen. The cross faces a very strong resistance area ahead around the 0.8420 level as key Fibo price, and ask line from the end of year 2011 till late March 2012, coupled with an overbought reading in daily RSI 14 around the 75 figure.
London session ahead will not bring any major economic data for the UK side of the equation, while for the EUR side the Eurogroup meetings will be taking place all Monday long in Brussels, which could trigger some short term volatility in the EURUSD pair, and thus in the EURGBP cross as well. France will try to sell treasury bills at 13:50 GMT.
Immediate resistance to the upside for EURGBP shows at recent fresh 5-month highs 0.8406, followed by March 12 2012 highs at 0.8420, and Nov 10 2011 lows at 0.8482. To the downside, closest support lies at current levels as Friday's London session highs 0.8385, followed by Friday's lows at 0.8354, and Jan 15 highs at 0.8327.
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