EURGBP News And Analysis-10th July Forecast
Sterling is trading close to the strongest level versus the euro since the end of 2008. The pound has been viewed a a relatively safe haven as the euro crisis intensified. EURGBP has pared earlier losses from the Asian session on the 9th July; the euro/sterling closed the New York session with the first up day from the last four trading days.
This minor recovery came as ECB (European Central Bank) Draghi said policy makers could be open to additional rate cuts if they were needed.
- From a technical perspective the 0.79500 level has proved to be a pivot over recent sessions. Any move above this level potentially brings the 0.8000 area into play.
- 0.8070 is the descending trend line level, further to this the 0.8150 area range highs are located above the 0.8000 round number and held price on multiple previous occasions.
- To the downside the key mid-term target is around 77.80; this is the 61.8% Fibonacci retrace of the 65.35 to 98.05 wave.
EURGBP Daily Chart