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Forex: EUR/GBP tests support at 0.7837

By FXstreet.com,  August 20, 2012, 07:46:00 AM EDT

FXstreet.com (Barcelona) - The EUR/GBP is establishing fresh daily lows in the zone of 0.7839, after growing concerns in the Eurozone have flared up Monday. The beleaguered single currency has lost sway over most other counterparts, in this particular instance losing -0.30% on the day.

Weekend press reports indicate that France wishes to show leniency to Greece as a price worth paying to hold the Eurozone together. Germany however still sounds largely uncompromising - although the latest language suggests room for compromise. Germany's Finance Minister Schaeuble added "it is not responsible to throw money into a bottomless pit and we cannot create yet another new program".

Upon closer examination of the technicals, the analyst team at Mataf.net points to short-term supports at 0.7837, 0.7814, and finally 0.7793. A continued recovery will initiate resistances at 0.7881, then 0.7902, and ultimately 0.7925.




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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