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20 Aug 2013
EUR/GBP holding above 0.85 on Euro strength
FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading near session highs last at 0.8531 following recent Euro strength in late Asian trading, still about even for the week so far ahead of German PPI at 06:00 GMT.
EUR/GBP looks heavy while below 0.86
“On the crosses, EUR/GBP looks heavy whilst below .8600,” said FXWW founder Sean Lee, adding: “The GBP is still heavily oversold on a long-term perspective against most other majors and I still believe that the overwhelming bearish sentiment (at the wrong levels) will lead to a significant GBP rally, especially against the USD.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Wednesday's/Friday's lows 0.8527, followed by yesterday's weekly lows at 0.8512, and last Thursday's weekly lows at 0.8504. To the upside, closest resistance shows at yesterday's weekly highs 0.8540, followed by Friday's highs at 0.8554, and August 07/12 lows at 0.8578.
EUR/GBP looks heavy while below 0.86
“On the crosses, EUR/GBP looks heavy whilst below .8600,” said FXWW founder Sean Lee, adding: “The GBP is still heavily oversold on a long-term perspective against most other majors and I still believe that the overwhelming bearish sentiment (at the wrong levels) will lead to a significant GBP rally, especially against the USD.”
EUR/GBP key technical levels
Immediate support to the downside for EUR/GBP lies at Wednesday's/Friday's lows 0.8527, followed by yesterday's weekly lows at 0.8512, and last Thursday's weekly lows at 0.8504. To the upside, closest resistance shows at yesterday's weekly highs 0.8540, followed by Friday's highs at 0.8554, and August 07/12 lows at 0.8578.