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EUR/GBP resumes decline, 0.7875 low

By FXstreet.com,  July 11, 2012, 09:28:00 AM EDT

FXstreet.com (Barcelona) - While the Euro continues weak, the British Pound is resuming today its bounce from Friday's low, which sends the EUR/GBP to an extension of its decline. The cross is at a new historical low of 0.7875 and is pressing for further downside.

"Key short term resistance is 8134/65, this represents the 2011-2012 resistance line and the 38.2% retracement of the move down from February", wrote analyst Karen Jones, pointing to 0.7786 (61.8% Fib of 2007-08 advance) as longer term target.

Mataf.net analysts point to resistances at 0.7905, 0.7915 and 0.7950. On the downside, supports might act at 0.7880, 0.7865 and 0.7850.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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