Thursday, 23 February 2012

Market report - 23rd Feb 2012

Todays market report....

GBP/EUR fell from €1.1934 to a low of €1.1819 to the pound. This morning the pound's slide has continued and subsequently fallen to a low of €1.1780.

Looking at the charts; GBP/EUR, the heard of bulls exaggerating a QE vote that was frankly unsurprising have been able to push this pair below the two key support levels of 1.1904 and 1.1834 mentioned in previous reports. The pair is showing signs of being oversold, however a test of the next support at 1.1764 seems plausible. On the upside a break of 1.1904 removes downside pressure.

From James Walton

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