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31 Aug 2015
EUR/GBP rises back above 0.7300
FXStreet (Córdoba) - A weak pound pushed EUR/GBP to the upside on Monday. The pair is rising after posting on Friday the lowest close in a week.
During the Asian session the pair traded below 0.7250 but it was rejected. The euro reversed and started to rise. Recently broke above 0.7295 (previous daily highs) and rose to 0.7316, hitting a fresh high. Currently it trades at 0.7315, 50 pips above the level it closed in Friday.
EUR/GBP back into the trading range
The ability to hold above 0.7250, pushed the price back to last week trading range. Since Tuesday price action has remain limited between 0.7370 and 0.7250. Last Monday (August 24) momentarily traded above 0.7400, at the strongest level in three months.
The short-term trend sill favors the euro but the rally that started early in August, found a strong resistance around 0.7400. In order to open the doors for further gains, EUR/GBP needs to break the mentioned zone.
During the Asian session the pair traded below 0.7250 but it was rejected. The euro reversed and started to rise. Recently broke above 0.7295 (previous daily highs) and rose to 0.7316, hitting a fresh high. Currently it trades at 0.7315, 50 pips above the level it closed in Friday.
EUR/GBP back into the trading range
The ability to hold above 0.7250, pushed the price back to last week trading range. Since Tuesday price action has remain limited between 0.7370 and 0.7250. Last Monday (August 24) momentarily traded above 0.7400, at the strongest level in three months.
The short-term trend sill favors the euro but the rally that started early in August, found a strong resistance around 0.7400. In order to open the doors for further gains, EUR/GBP needs to break the mentioned zone.