EUR/GBP
The pound looks stronger than the other majors like the US dollar, euro and yen. Traders raise their bets in the interest rate hike by BoE at 0.50%. The bulls made an effort to make a new high and they succeeded in that. Now the situation is changing. The bets in interest rate hike are cooling off. Currently, the Pound looks a bit weaker. In the technical front the EUR/GBP pair is trading 200 pips around its strong support zone.
Medium-term view-
The pair is trading at 0.7996, almost the lowest point of the current month (0.7958 low). It has been in a down trend from 0.8814 (February 2013 high). The pair has strong support at 0.7786 (200-month Ema) and 0.7757 (July 2012). If the pair holds the given support zone, we can expect a nice pull back up to 0.84 (50-month Sma) levels. In case if the pair hits the previous swing low at 0.7757, we can see another red blanket aiming at 0.7595 and 0.7321 levels (200-month Sma).
Cmp is 0.7996.
Sell below 0.7757 for 0.7595 and 0.7321.
Next week we will update the complete analysis (near- and short-term).
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Short-term forecast for EUR/GBP for June 27, 2014 . Thanks for your support on Short-term forecast for EUR/GBP for June 27, 2014
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