EUR/GBP; the bearish play continues

By FXstreet.com | June 11, 2014 AAA

FXStreet (Guatemala) - EUR/GBP is trading at 0.8054, down -0.37% on the day, having posted a daily high at 0.8088 and low at 0.8052.



EUR/GBP has dropped back into the 0.8050’s despite the aggressive bounce and continues to offer a bearish bias. Karen Jones, chief analyst at Commerzbank explained that the EUR/GBP’s outlook remains negative also while capped by the 3 month downtrend at 0.8140. She said that focus and pressure remains on the 2010 low at 0.8067 to give way on a closing basis. “Our longer term target remains 0.7983/ the 78.6% retracement of the move from 2012 Key resistance remains the .8140 3 month downtrend – this guards the .8192 end of February low. We are negative while trading below this latter level”.



EUR/GBP Levels



Current price is 0.8055, with resistance ahead at 0.8063 (Yesterday's Low), 0.8066 (Daily Classic S1), 0.8071 (Weekly Classic S1), 0.8072 (Hourly 20 EMA) and 0.8081 (Daily Classic PP). Next support to the downside can be found at 0.8052 (Daily Low), 0.8046 (Daily Classic S2), 0.8031 (Daily Classic S3), 0.8022 (Weekly Classic S2) and 0.7982 (Weekly Classic S3).



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