EURGBP: Trying to bounce

Monday, November 4, 20130 comments

EUR/GBP has broken its support at 0.8505, negating the recent short-term bullish technical structure. A resistance for a short-term bounce is given by 0.8585 (previous support, see also the 38.2% retracement). Supports are given by 0.8422 and 0.8333.

The medium-term declining channel, in place since the February 2013 top, favours a mild bearish bias. Furthermore, the sharp decline from 0.8585 (29 October 2013 high) suggests the end of the recent rebound.
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