Forex: EUR/GBP in session lows, around 0.8115

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FXstreet.com (Barcelona) - The pair is now orbiting around 0.8115 on Monday, trading in session lows as the demand for the single currency remains subdued and the sterling is holding around the mid 1.6000s

According to I.Spivak, Currency Strategist at DailyFX, "prices moved lower as expected after putting in a Bearish Engulfing Candlestick patter below rising channel resistance, taking out support at 0.8154 and exposing an upward-sloping trend line barrier at 0.8097. A further push below that targets the channel bottom at 0.8029. The 0.8154 mark has been recast as near term resistance with a turn back above that aiming for the channel top at 0.8234".

EUR/GBP is now losing 0.25% at 0.8114 facing the next support at 0.8086 (MA55d) ahead of 0.8063 (low Dec.12) and finally 0.8061 (61.8% of 0.7961-0.8225).
On the upside, a breakout of 0.8149 (MA10d) would expose 0.8200 (hourly highs Dec.28) and then 0.8214 (Upper Bollinger).



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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