Forex: EUR/GBP lifts close to 0.8600

on Aug 23, 2013
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_iNVEZZ.com August Friday 23rd_: Since 14 August the EUR/GBP has been trapped between 0.8504 and 0.8576 between two ascending trendlines. The one has been coming through the lows since 7 May 2013 and the other through the lows since 15 July 2012. Also, the pair has been bouncing between the ascending 89- and 200-day simple moving averages, which are currently resident respectively at 0.8566 and 0.8534.

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Forex: Afternoon update: Eurozone’s manufacturing activity performs better in August Forex: EUR/GBP: Bullish attack at trendline

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Yesterday the price gained 0.21 percent with the daily candle opening at 0.8542 and closing at 0.8563. The trading range was from 0.8535 to 0.8576.

Today the EUR/GBP initially fell to hit an intraday low at 0.8540, but the 89- and 200-hour simple moving averages brought enough support to push the price to the upside. At the moment the price is staying at 0.8585, after a sharp impulse from 0.8560 to 0.8592 (intraday top, which is the highest point for the past 7 trading days) and is above the shorter term trendline mentioned above.

If the bulls continue to prevail (the pair to rally), the price would be testing the key 0.8600 psychological and resistance level and in the event of a breakthrough the 1 August high of 0.8768 will be the next target.
To the downside the 0.8400 level is a strong support.
Resistances: 0.8580, 0.8600 and 0.8620.
Supports: 0.8545, 0.8520 and 0.8505.
!fm[](/uploads/story/5053/eurgbpdaily_2308.png)

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Forex: Afternoon update: Eurozone’s manufacturing activity performs better in August Forex: EUR/GBP: Bullish attack at trendline

FOLLOW our top traders or BET against them.
http://nvz.bz/13plAAQ

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