EUR/GBP downside pauses at 38.2% Fib, break below targets 0.7550

FX:EURGBP   Euro Fx/British Pound
311 0 9
Pound outperformed its major rivals, boosted by Brexit polls results that showed an increase in favor of the “stay” position.

EUR/GBP             saw huge slump in Wednesday's trade. The pair broke major support at 0.7790.

Downside seems be pausing at 38.2% Fib retrace of Nov-Apr rally at 0.7683. Break below needed for further downside.

EUR/GBP             trades with a major downside bias on the weekly charts, break below 38.2% Fib will see test of 50% Fib at 0.7550 levels.

With the Fed minutes now behind, focus shifts towards the ECB monetary policy meeting accounts ahead.

Immediate support lies at 0.7652 (Mar 10th lows), while immediate resistance is located at 0.7716 (Feb 5th high).

Good to short breakout below 0.7683, target 0.7650/0.76/0.7550
Trade active: EUR/GBP dented on deteriorating German ZEW business sentiment and Carney's testimony.

BOE Gov Carney in his testimony defended BoE's quarterly Inflation Report and Brexit warnings.

However, he sounded confident that BOE can ultimately achieve monetary stability whether UK is in EU or out of its membership.

TP1 achieved, place stops at 0.7685, hold for downside.
Trade active: British pound sold off modestly post Q1 GDP data. EUR/GBP trades well below trendline resistance at 0.7630.

Technicals are bearish, EUR/GBP on track to test 200-DMA at 0.7519.

Break below 200-DMA will drag the pair to 0.7415 (61.8% Fib of Nov to April rise)

Stay short, target: 0.7550,0.7520
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out