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EUR/GBP offered towards 0.8420

FXstreet.com (London) - EUR/GBP has been capped at yesterdays highs and is offered into the mid morning NA session.

Garther Berry at UBS said “…we believe downside in the cross remains the favoured channel to express a cautious view on the effectiveness of the BoE's forward guidance. On a 3m basis GBP remains the best-positioned currency in G10”.

EUR/GBP levels

The 20 DMA .8526, 50 DMA is .8587, the 200 DMA is .8489. RSI (14) reads 40.86. Supports are ascending from .8326, .8355, .8364, .8392. Spot is currently .8421 while resistances are .8453, .846, .8491 and .8505. “Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of 0.8280/0.8155/0.7980 have been introduced (Fibonacci retracements of the move up from 2012)” – Karen Jones, Chief Analyst at Commerzbank.

GBP/USD unstoppable around 1.5740

The sterling continues its relentless march north on Tuesday, pushing the GBP/USD to the boundaries of 1.5740, pips away of June peaks just beyond 1.5750....
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