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Currency Pair: EUR/GBP
Short-Term Bias: Short
Chart: 15 Min Charts
Following reaching of edge to 0.8186 last Thursday, the EUR/GBP has repeated below 0.8100 to fill up the gap from last week. Price action goes on to hold under the 120 SMA, and has found short-term support close to 0.8032 (38.2% Fib level 0.7936 - 0.8188). The descending trend in the 120 SMA has led us to hold a bearish position for the euro, and we anticipate the latest broad based selling in the euro to keep on during the trading session. We anticipant the euro-pound to go below in its present cycle, and it would work its way in the direction of 0.8000 throughout the next few trading hours. During the next few days, we anticipate the pair to test 0.7885 for near-term support, and might fall back within its preceding range among 0.7795 - 0.8040 throughout the approaching weeks.
19:08
Posted on Sep-08-2008
