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10 Sep 2013
EUR/GBP is bouncing on strong European equities rally
FXstreet.com (Athens)- The EUR/GBP is bouncing as amidst a very light European daily calendar, European equities rally continues strong.
EUR/GBP is heading the upper level but it might be just a corrective bounce
The EUR/GBP was losing solid ground, but the general Euro zone risk-on sentiment seems to supported the pair to lift-up. There are a lot of supportive data across Euro land today, despite we are amidst a very light calendar day. Elaborating on, French Finance Minister Moscovici said earlier that “ the Eurozone needs a budgetary union eventually “ and that “Euro-zone should have common jobless benefits.” What’s more, European equities trading significantly higher despite a silent session, i.e. FTSE +0.78%, CAC +1.08%, DAX +1.48%.
Technical outlook on EUR/GBP
Traders might find noteworthy that the crucial near tear-term resistance at 0.8449 lies at the 76.4% Fibonacci level; therefore a break of that resistance could well lead the pair to the 61.8% of Fibonacci level at 0.8488. On the other side, investors should in any case take under deep consideration that the recent bouncing of the pair, could be nothing more, but a corrective uptrend movement. The FXstreet.com Trend Index shows the pair to be slightly bullish in a 15-minutes time framework. Daily pivot point support can be found at 0.8420, 0.8395, 0.8374, and resistance at 0.8600, 0.8622, 0.8698, respectively.
EUR/GBP is heading the upper level but it might be just a corrective bounce
The EUR/GBP was losing solid ground, but the general Euro zone risk-on sentiment seems to supported the pair to lift-up. There are a lot of supportive data across Euro land today, despite we are amidst a very light calendar day. Elaborating on, French Finance Minister Moscovici said earlier that “ the Eurozone needs a budgetary union eventually “ and that “Euro-zone should have common jobless benefits.” What’s more, European equities trading significantly higher despite a silent session, i.e. FTSE +0.78%, CAC +1.08%, DAX +1.48%.
Technical outlook on EUR/GBP
Traders might find noteworthy that the crucial near tear-term resistance at 0.8449 lies at the 76.4% Fibonacci level; therefore a break of that resistance could well lead the pair to the 61.8% of Fibonacci level at 0.8488. On the other side, investors should in any case take under deep consideration that the recent bouncing of the pair, could be nothing more, but a corrective uptrend movement. The FXstreet.com Trend Index shows the pair to be slightly bullish in a 15-minutes time framework. Daily pivot point support can be found at 0.8420, 0.8395, 0.8374, and resistance at 0.8600, 0.8622, 0.8698, respectively.