EUR/GBP Finds Some Support

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EUR/GBP Finds Some Support

By Greg Michalowski on October 14, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

Eur/Gbp sold off quite a bit during U.S. session on some encouraging comments from BOE Deputy Governor Charlie Bean. The pair is off about 85 pips from highs made during yesterday’s European session (.9411). The 38.2% Fibo retracement, using .9158 low from Oct. 8th, lies at .9314. Eur/Gbp has bounced off this level 3 times in the last day of trading.

If this level holds look for the pair to bounce to the .9355-60 level. A break below could bring the pair down to .9283 or its 100 hour M/A, with added support at 50% Fibo of .9284. The former is more likely, but the market will have the last say for sure.

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