Back
21 May 2014
EUR/GBP doesn't want to go too far from opening level
FXStreet (Moscow) - EUR/GBP is trading at 0.8136, unchanged on the day, having posted a daily high at 0.8147 and low at 0.8134.
0.81 is in close vicinity
The 0.81 area of support is still not reached but is getting closer with every coming day, as UK data continues to surprise the market to the upside. The recently released stronger than expected CPI numbers gave the hope the inflation will start rising again, and put the BOE under pressure of making more aggressive decisions. The scheduled for release UK retail sales report may indicate the consumption is at high levels, thus, strengthening the demand on the pound. In this case 0.81 may become a reality, but not a dream.
What price levels and patterns have to be considered?
Current price is 0.8137, with resistance ahead at 0.8137 (Daily Open), 0.8138 (Daily Classic PP), 0.8139 (Hourly 20 EMA), 0.8145 (YTD Low) and 0.8147 (Daily High).
Next support to the downside can be found at 0.8137 (Monthly Low), 0.8137 (Weekly Low), 0.8137 (Annual Low), 0.8134 (Daily Low) and 0.8119 (Weekly Classic S1).
Looking at price patterns, we can see a Hammer 4-hour candlestick formation.
0.81 is in close vicinity
The 0.81 area of support is still not reached but is getting closer with every coming day, as UK data continues to surprise the market to the upside. The recently released stronger than expected CPI numbers gave the hope the inflation will start rising again, and put the BOE under pressure of making more aggressive decisions. The scheduled for release UK retail sales report may indicate the consumption is at high levels, thus, strengthening the demand on the pound. In this case 0.81 may become a reality, but not a dream.
What price levels and patterns have to be considered?
Current price is 0.8137, with resistance ahead at 0.8137 (Daily Open), 0.8138 (Daily Classic PP), 0.8139 (Hourly 20 EMA), 0.8145 (YTD Low) and 0.8147 (Daily High).
Next support to the downside can be found at 0.8137 (Monthly Low), 0.8137 (Weekly Low), 0.8137 (Annual Low), 0.8134 (Daily Low) and 0.8119 (Weekly Classic S1).
Looking at price patterns, we can see a Hammer 4-hour candlestick formation.