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Forex: EUR/GBP drops further on NY session

By FXstreet.com,  April 23, 2012, 10:04:00 AM EDT

FXstreet.com (Barcelona) - The FX market is doing a mild corrective movement during the NY opening after the strong European morning risk-off plunge of both EUR and GBP. However, the GBP bounce is wider than the one of the EUR, sending the EUR/GBP off to new daily lows.

"While we could see some corrective activity over the short-term to unwind the oversold condition the overall tone remains heavy while resistance at 0.8222/0.8277 caps with the downtrend targeting major support at 0.8142 then 0.8067 in due course", wrote MIG Bank analyst Howard Friend.

The cross reached 0.8151. Mataf.net analysts point to resistances at 0.8175, 0.8190 and 0.205. On the downside, supports might act at 0.8160, 0.8145 and 0.8100.




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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