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14 Apr 2015
EUR/GBP: Downside pressures mounting
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7211 with a high of 0.7235 and a low of 0.7182.
EUR/GBP bears are putting the cross in supply after a rally to the upside away from the lows charted yesterday down at 0.7180 supporting territory. 0.7210 comes as immediate support currently as we slow down the pace of activity in the US shift, where the major theme of events surrounded the IMF's downgrade of the US economy's outlook. Both the pound and euro bulls took advantage and rallied significantly leaving the cross better offered.
Technically, Karen Jones, chief analyst at Commerzbank explained that the cross is in an overall bearish trend with it charting an outside day to the downside yesterday, keeping it under pressure. "Only if a rise and daily chart close above the .7408 January low were to be made, would we have to allow for further upside towards the 0.7500 region to be seen."
EUR/GBP bears are putting the cross in supply after a rally to the upside away from the lows charted yesterday down at 0.7180 supporting territory. 0.7210 comes as immediate support currently as we slow down the pace of activity in the US shift, where the major theme of events surrounded the IMF's downgrade of the US economy's outlook. Both the pound and euro bulls took advantage and rallied significantly leaving the cross better offered.
Technically, Karen Jones, chief analyst at Commerzbank explained that the cross is in an overall bearish trend with it charting an outside day to the downside yesterday, keeping it under pressure. "Only if a rise and daily chart close above the .7408 January low were to be made, would we have to allow for further upside towards the 0.7500 region to be seen."