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30 Jun 2014
EUR/GBP consolidates just above 0.8000; ready to fall apart?
FXStreet (San Francisco) - The EUR/GBP is currently trading 0.10% down in the day just above the 0.8000 key level that has been tested several time in the latest few hours as the pair is under pressure by Sterling's strength.
The "EUR/GBP is still in a bearish channel as GBP/USD breaks out to a new 6-year high; a break below 0.7980 support would pave the road for more weakness later this week," comments Matt Weller from Forex.com.
The GBP/USD finally broke the 1.7000 area on Monday and now it is trading at highs since October 2008 around 1.7115 with more signals that say the pair will hold at current levels.
EUR/GBP sentiment
"If the UK data remains strong or European data disappoints, a break below longer-term 78.6% Fibonacci support near 0.7980 is possible later this week," Weller points oout. "On the other hand, only a confirmed break above the channel top at 0.8050 would shift the bias back to the topside from here."
EUR/GBP spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
The "EUR/GBP is still in a bearish channel as GBP/USD breaks out to a new 6-year high; a break below 0.7980 support would pave the road for more weakness later this week," comments Matt Weller from Forex.com.
The GBP/USD finally broke the 1.7000 area on Monday and now it is trading at highs since October 2008 around 1.7115 with more signals that say the pair will hold at current levels.
EUR/GBP sentiment
"If the UK data remains strong or European data disappoints, a break below longer-term 78.6% Fibonacci support near 0.7980 is possible later this week," Weller points oout. "On the other hand, only a confirmed break above the channel top at 0.8050 would shift the bias back to the topside from here."
EUR/GBP spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.