The EUR/GBP found firm support at a fresh 6−week low this morning at 0.8704, reversing course over the European session as risk aversion wanes slightly from what it was over the Asian markets. The pair still remains some 40 pips off the day´s opening price at 0.8780 at time of writing, and could possible retest those recently mentioned minimum levels if sentiment turns lower suddenly once again.
As we head towards mid-day over Europe, the EUR/GBP looks poised for a modest recovery with the immediate resistance levels listed at 0.8795 (High May 15, 100 Day MA), 0.8831 (55-Day MA9 and 0.8842 (10-Day MA). A re-test of lows will bring support at 0.8675 (Daily Low May 31), 0.8663 (200-Day MA) and 0.8658 (Daily Low May 30).
As we head towards mid-day over Europe, the EUR/GBP looks poised for a modest recovery with the immediate resistance levels listed at 0.8795 (High May 15, 100 Day MA), 0.8831 (55-Day MA9 and 0.8842 (10-Day MA). A re-test of lows will bring support at 0.8675 (Daily Low May 31), 0.8663 (200-Day MA) and 0.8658 (Daily Low May 30).
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