FXstreet.com (Barcelona) - After it falls around 130 pips from the 0.9370, in the early European session, to 0.9170 after the US opening bell, the EUR/GBP has risen to be above 0.9200.
EUR/GBP has found support at 0.9170, fresh weekly low, and it has risen to 0.9220. Currently, the pair is trading around the 0.9200 level. Next support could be 0.9170 again, 0.9140 and 0.9090. on the upside, next resistances could be 0.9220 again, 0.9250 and 0.9290.
According to Gareth Burgess, technical analyst at Chart-Workshop, observes the pair looking slightly negative, and advances some further depreciation for the Euro: In last weeks technical I was calling for a move lower towards the 0.8900 region, now 0.9050. Technically this region still attracts and the weekly chart is currently looking slightly negative but it is too early to be prejudging the candlestick type. Yet, if prices can hold below the 0.9240 region then it would be a realistic target and perhaps an opportunity for a bounce as this is where the 10 week moving average is now. Below that lies the 38.2% Fibonacci retracement level.