EUR/GBP To Consolidate

http://www.fxfxfx.com 2010-01-22 07:57:16

EUR/GBP to consolidate. Cross undermined by euro-zone fiscal worries; but downside supported by positions adjustment before weekend. Daily chart mixed as MACD bearish, but stochastics turning bullish at oversold. Resistance at 0.8718 (yesterday''''s high); breach would target 0.8737 (Wednesday''''s high), then 0.8810 (Tuesday''''s high), 0.8833 (Monday''''s high) and 0.8840 (200-day moving average). Support at 0.8671 (hourly chart), then at 0.8648 (Wednesday''''s low); breach would reinstate near-term negative bias, exposing downside to psychological 0.8600, then 0.8520 (Aug. 18 reaction low) and 0.8453 (Aug. 6 reaction low).

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