EUR/GBP flirting with 0.8000

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The better sentiment around the euro is now pushing the EUR/GBP back to the boundaries of the psychological mark at 0.8000.



EUR/GBP sidelining around 0.8000



The cross is showing some sort of resilience around the 0.8000 handle since the break below it in early June following strong buying interest in the sterling. Today’s bull run is propped up by the bid tone around the single currency despite the disappointing IFO numbers. “We look for the up move to fail ahead of .8099 3 month downtrend and while capped here, the market remains immediately offered. Below.7950 will signal another leg lower to the .7757 2012 low”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.



EUR/GBP key levels



At the moment the cross is up 0.23% at 0.8008 with the next resistance at 0.8011 (Tenkan Sen) ahead of 0.8025 (high Jun.19) and then 0.8062 (21-d MA). On the downside, a break below 0.7977 (low Jun.23) would target 0.7969 (low Jun.18) en route to 0.7959 (2014 low Jun.16).



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