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13 Sep 2013
EUR/GBP sidelined at key 0.8400 barrier
FXstreet.com (Lisbon) - The EUR/GBP technical cross has been resilient at the 0.8400 region, refusing to break lower and clinging to a narrow 19-pip consolidation Friday (0.8401-0.8420).
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “For the whole week, the EUR/GBP has been trading within a 50-pip narrow range, pushing towards the key neckline for the double top pattern at 0.8400, a break below the level seems imminent, however we prefer waiting for a decisive break and stability below it to confirm further downside.”
EUR/GBP technical levels
The EUR/GBP is currently sandwiched in its aforementioned range, operating now at 0.8403. At this juncture, the cross is trading negatively, losing -0.11% off its opening. In terms of the technical levels, the EUR/GBP remains supported by heavy measures at 0.8397, a break of which will open up 0.8379, and 0.8364, notes the Danske Research team.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “For the whole week, the EUR/GBP has been trading within a 50-pip narrow range, pushing towards the key neckline for the double top pattern at 0.8400, a break below the level seems imminent, however we prefer waiting for a decisive break and stability below it to confirm further downside.”
EUR/GBP technical levels
The EUR/GBP is currently sandwiched in its aforementioned range, operating now at 0.8403. At this juncture, the cross is trading negatively, losing -0.11% off its opening. In terms of the technical levels, the EUR/GBP remains supported by heavy measures at 0.8397, a break of which will open up 0.8379, and 0.8364, notes the Danske Research team.