The single currency
continues to struggle against the Sterling, suffering from yesterday’s ECB
meeting minutes revealing dovish stance. The combination between weak common
currency and strong Sterling today drove the EUR/GBP pair to its lowest level
since May 2017.
Technically speaking the short term outlook remains bearish. On the four hour time frame the price is developing well below its moving averages. RSI and located within oversold territory and both are showing strong bearish momentum.
Further falls are possible along with the lack of any significant economic releases.
EUR/GBP is currently trading at 0.8636 and a break of 0.8600 figure will set new target for the bears around 0.8530 region.
Technically speaking the short term outlook remains bearish. On the four hour time frame the price is developing well below its moving averages. RSI and located within oversold territory and both are showing strong bearish momentum.
Further falls are possible along with the lack of any significant economic releases.
EUR/GBP is currently trading at 0.8636 and a break of 0.8600 figure will set new target for the bears around 0.8530 region.
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