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FOREX: EURGBP - Ticked Up / Ticked Down

FXstreet.com (London) - EUR/GBP had ticked up from 8412 in this morning's session rising 16 pips to 8428 on slightly better PMI. It has now tailed off ever so lightly, as I write to 8421, on a less positive note on the release in investor confidence with a worse number coming in at 15.6 against consensus 15.2.

However, the over all price action here might prove to continue on a bullish path, with a triangle chart formation on the daily chart. 8450 was a level seen last week as price action was somewhat volatile. Retails sales coming up and more further speeches from ECB will offer a thin market an opportunity to test some levels.

Strong resistance is sighted at the psychological level of 8500 the figure, if broken, 8569 is seen as a big target with sell orders.

“The currency pair will remain immediately offered while trading below the late April high at 0.8497”, wrote Commerzbank analyst Karen Jones, adding that the EUR/GBP is moving towards 0.8394, a fall through which will have the 2012-13 support line at 0.8296.

In the mean time, support is seen on these monthly lows below 84 the figure.

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