by Fri, 18 Feb 2011 09:09:00 +0100
Forex: EUR/GBP tumbles under 0.8400
FXstreet.com (Barcelona) - The EUR/GBP is currently showing broad bearish tendencies, with the pair breaking under support at 0.8410 and reaching as low as 0.8390 at time of writing. The British pound has been particularly volatile this week on the back of the BoE´s quarterly inflation report along with commentary from various members of the MPC signaling possible monetary policy in the near-term.
Currently the EUR/GBP quotes around 0.8385 where it begins to show signs of support. Further underneath, the next critical levels to be aware of are listed at 0.8380 (Hourly Hi Feb 16 Now Suppt), 0.8356 (Daily Low Feb 15) and 0.8342 (Bolli Band Base). Above, resistance is placed at 0.8450 (Daily Highs Feb 15/16), 0.8496 (21-Day MA) and 0.8529 (Daily High Feb 9, 50%).
| Technical Analysis (2011-02-18 08:00 GMT) | |
|---|---|
EUR/GBP 0.83896/0.83923 - O: 0.8424 H: 0.8427 L: 0.8422 C: 0.8424 | |
| Trend | R3: 0.8436 |
 | R2: 0.8415 |
| R1: 0.8394 | |
| S1: 0.8348 | |
| S2: 0.8369 | |
| S3: 0.8390 | |
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