Forex: EUR/GBP retests 0.9000 support; bulls may strengthen

By IBTimes Staff Reporter | December 28 2009 10:23 AM

FXstreet.com (Barcelona) - The EUR/GBP is once again probing below the 0.9000 support level after having rebounded from a previous downwards attempt early today to climb back to 0.9007.

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According to Valeria Bednarik, FXstreet.com collaborator, the EUR/GRP is inside a daily triangle with the intra-day high corresponding to the daily descendant trend line coming from the 0.9410 October 13 high. The pair remains slightly bullish in the daily chart, needing to break above 0.9020, mentioned line, also past Friday's high, to confirm further rises.

At the time of writing, the pair is trading at 0.8998, and all eyes should be on a possible gaining of downward momentum, Bednarik said: Indicators in 4 hours charts are exhausted to the upside, so if the pair manages to break under 0.8980 support zone, likely to extend the fall to next support around 0.9860, also 20 SMA with a sotrng bullish slope in the 4 hours charts.

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