Forex: EUR/GBP pressured, held by 0.7930
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EUR/GBP
FXstreet.com (Barcelona) - Yesterday's high at 0.7963 was as far as the EURGBP was able to go in its swing movement since July 23 low, exactly 200 pips lower at 0.7763.
The London session saw the cross falling from close to 0.7960 to find current intraday support at 0.7930 zone. Although both Euro and British Pound are edging higher against the greenback, the Cable is stronger, weakening the EURGBP.
The overall bias continues to point to the downside: "We have a near term uptrend at 0.7832 and will assume a break below here is needed to confirm the end of the upside corrective phase and signal a slide back to the 0.7757 July low", wrote analyst Karen Jones, pointing to support at 0.7744/.7694 a major break down point longer term to the base of the 40 year channel, currently located at 0.7130.
The London session saw the cross falling from close to 0.7960 to find current intraday support at 0.7930 zone. Although both Euro and British Pound are edging higher against the greenback, the Cable is stronger, weakening the EURGBP.
The overall bias continues to point to the downside: "We have a near term uptrend at 0.7832 and will assume a break below here is needed to confirm the end of the upside corrective phase and signal a slide back to the 0.7757 July low", wrote analyst Karen Jones, pointing to support at 0.7744/.7694 a major break down point longer term to the base of the 40 year channel, currently located at 0.7130.
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