-
EUR/GBP – Further correction lower favoured
EUR/GBP broke over rising hourly channel resistance on Friday from where a bout of weakness has been initiated. Given the subsequent break under channel support, scope is seen for a substantial corrective downswing from current levels. • The strong resistance area between 0.8506 (24/02/2012 high) and the high of the long-term declining trendline (linking the January 2009 peak with the one in July 2011) and the general overbought conditions suggest a limited medium-term upside potential. • EUR/USD has managed to find interim support at 1.3459 from where a fresh attempt at 1.3711 is now favoured. Failure to stay ... (full story)