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Pound to Euro | Pound Euro Exchange Rate News and Insights
Euro pound exchange rate declines arrested by 'extremely strong levels of resistance' - but thin air awaits below 0.7695
- Category: Pound to Euro
- Published on Monday, 23 July 2012 10:24
- Written by Will Peters
"The bias is for price action to begin to run out of downward momentum as that should be an extremely strong level of resistance" - William Moore at RBS.
Declines in the euro pound exchange rate have been arrested as the under-pressure currency pairing encounters strong resistance levels.
On a morning that has seen the euro take a beating on global markets, it is curious to note that the euro pound exchange rate is actually in the blue.
At 11.05 AM in London we see EUR-GBP 0.21 pct higher at 0.7798. Contrast this to the EUR-USD which is 0.38 pct in the red at 1.2110.
Amongst the usual pundits we follow here at The Economy News there is little by way of explanation for this situation.
However, a word from technical analyst William Moore at RBS would suggest the euro to pound rate is facing serious technical challenges:
"The bear flag pattern is gripping price action in the short term and the target remains 0.7695 (1.2995) which is the 2008 low. Look to fade any EUR rallies.
"Still this bear flag pattern which has been highlighted for a while now is continuing to dominate price action and send it to its target down at 0.7695.
"The bias is for price action to begin to run out of downward momentum as that should be an extremely strong level of resistance. If it breaks below it the market enters quite a distinct area of ‘thin air’ with very little support until the 2003 high at 0.7253. Should the market manage to rally back to some of the previous break down levels at 0.7911 or 0.7951 these look further opportunities for short positions.
Elsewhere we see the pound dollar exchange rate is under pressure.
According to Moore, from a longer term perspective GBP/USD still looks a pretty uninteresting technically:
"The only real risk to that in the relative short term would be a breaking of the important support level at 1.5299.
"This is a level that has kept price action buoyant since mid 2010 and whilst price action stays above there the 1.5300 – 1.5750 range will persist. From a longer term perspective the important levels outside that range are 1.5070 and the band between 1.6041 and 1.6167."