EUR-GBP: Further Weakness Likely
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( fxtechstrategy.com) -- The euro-pound cross currency pair broke through the 0.8263 level on continued weakness, so further declines cannot be ruled out.
EUR-GBP likely will target its August 2010 low at 0.8141. A loss there will pave the way for more declines toward the pair's 2010 low at 0.8066.
EUR-GBP's daily relative strength index is bearish and pointing lower, supporting this view.On the upside, the pair will have to make a return to more than 0.8423, its March 13 low, in order to reverse its current bear threats. > > Bull or Bear? Vote in Our Poll If seen, this could force further upside toward 0.8504. A violation there would turn attention to EUR-GBP's Dec. 8 high at 0.8560. Further out, the 0.8616 level will come in as the next upside objective. All in all, however, the cross currency pair faces further downside risks. -- Written by Mohammed Isah.
>To follow the writer on Twitter, go to http://twitter.com/fxtechstrategy. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV