1 May 2015
EUR/GBP: Up in to highly bullish territory
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7397 with a high of 0.7421 and a low of 0.7300.
EUR/GBP rallies on the back of Sterling weakness, throughkey levels such as 0.7384/ 0.7408, the March high, January low and the 38.2% retracement and took up a fresh high at 0.7421 before profit taking followed through and supply pressured the pair back in to the 0.73 handle, ducked in just below the figure.
Data disappoints from the UK currently, including the Markit Manufacturing PMI (Apr) miss today, but we are also approaching the elections that is keeping an air of caution around Sterling. EUR/GBP is technically sits in highly bullish territory and closes at these levels will leave the cross with and upside bias and signals that the market has based for the medium term.
EUR/GBP rallies on the back of Sterling weakness, throughkey levels such as 0.7384/ 0.7408, the March high, January low and the 38.2% retracement and took up a fresh high at 0.7421 before profit taking followed through and supply pressured the pair back in to the 0.73 handle, ducked in just below the figure.
Data disappoints from the UK currently, including the Markit Manufacturing PMI (Apr) miss today, but we are also approaching the elections that is keeping an air of caution around Sterling. EUR/GBP is technically sits in highly bullish territory and closes at these levels will leave the cross with and upside bias and signals that the market has based for the medium term.