Published: Mon, 09 Nov 2009 14:58:00 +0100
Forex: EUR/GBP rises back above 0.8900. after hitting 1-month low
FXstreet.com (Córdoba) ? Cable rose sharply against the Euro during the Asian session. EUR/GBP fell to 0.8895, posting the lowest price since September 17. But the pair was rejected from those levels and rose back above of 0.8900 to 0.8945 (intra-day high). Currently it trades at 0.8937/43, 0.07% above today?s opening price. At 0.8950, the Euro could face resistance. To the downside support lies at 0.8875 and below at 0.8835/40.
If the Pound manages to confirm a break below 0.8900, it could gain momentum. According to Ian Coleman, technical analyst at Turtle Futures a break through 0.8910 should send the pair down to 0.8822.
By Fxstreet.com
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