Downward Pressure On EUR/GBP Currency Pair

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Downward Pressure On EUR/GBP Currency Pair

By Greg Michalowski on March 24, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/GBP has taken a move to the downside. This has led to a move lower in the EUR/USD and a rise in the GBP/USD. The low today in the EUR/GBP has been .9170. There should be some profit taking against the level. However, given the high inflation due to the low pound, the pressure should continue on the EUR/GBP.

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From a longer term perspective, the support comes in against the trendline (from the recent lows in 2008) and the 100 day MA at the 0.8950 and 0.8923 level respectively. Given the UK inflation issue, this should be the direction the pair should continue to follow for the time being.

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