The EURGBP has moved lower to hold below 0.8100 over the past few days, and should continue its move to the downside. After hitting an intraday high of 0.8006, the pair has retraced back to trade within a downward trending channel.
[B]Currency Pair: [/B]EUR/GBP
[B]Short-Term Bias: [/B]Short
[B]Chart:[/B] 15 Min Charts
[B][U]Analysis[/U][/B]
[B][U]
[/U][/B]
[B][U][/U][/B]
The EURGBP has moved lower to hold below 0.8100 over the past few days, and should continue its move to the downside. After hitting an intraday high of 0.8006, the pair has retraced back to trade within a downward trending channel.
After reaching a high of 0.8186 earlier this month, we anticipant the downward momentum to lead the EURGBP below its current range to test 0.7850 (21.4% Fib level of 0.7755-0.8195) for near-term support over the next few days. If fact, we may see the pair break well below 0.7925 over the next few hours if the downward momentum picks up over the next few hours. Be sure to check out other [Technical Reports](http://www.dailyfx.com/archive/technical) from DailyFX for additional information on the major currency pairs.
[I]To contact the author of this article, please email: <[email protected]>[/I]
[B][I][I] Related Stories:[/I][/I][/B]
[I][B]Forex Trading Weekly Forecast - 09.15.08[/B][/I]
[I][B]Carry Trade Interest Rebounds On Speculation Of Lehman Brothers Buyout[/B][/I]