FXstreet.com (Córdoba) - Cable managed to recover against the Euro and currently trades near the same levels it had at the beginning of the day. EUR/GBP rose during the Asian and early European session to 0.9092, reaching the highest price of the day. But the Euro was rejected from those levels and pulled back sharply to 0.9018. Currently the pair trades at 0.9020/25, 0.15% above today's opening price.
Mohammed Isah, technical analyst at FXTechstrategy, affirms: A break and hold above the 0.9150 level, its Dec 01'09 high must be established to resume its recovery initiated at the 0.8832 level, its Nov 17'09 high towards the 0.9239 level, its Oct 26'09 high. Beyond there will turn attention to the 0.9410 level, its Oct 13'09 high.. On the downside, the 0.9064 level is now expected to provide support with a break lower targeting the 0.8970 level, its Nov 25'09 low and then at the 0.8832 level, its Nov 17'09 high.