FXStreet (Guatemala) – EUR/GBP is currently trading at 0.7107 with a high of 0.7113 and a low of 0.7055.
EUR/GBP has surged higher and away from the 4-year channel that commenced in Jan 2003 until Nov 2007, eight years ago. It comes as a highly tough area of support and conviction through here would be higher negative, so bulls will be relieved on this move for the time being. However, we are not out of the woods yet.
The market is directly offered below 0.7118/23 and rallies will make no impact on the chart while below the 0.7282 15th March high, according to Karen Jones, chief analyst at Commerzbank. Meanwhile, there are plenty of risk events ahead to turn this around and offer an opportunity of a sell on rallies while a Grexit remains firmly on the cards should the Greeks continue to battle with the IMF and creditors while patience is running thin.
On the downside, the target is still the 0.7015/00 March lows and psychological support ahead the aforementioned channels congestion. This is the break down point to 0.6571/41 and the 2007 low.
(Market News Provided by FXstreet)