5-Feb-2014, GMT 8:00
Euro is struggling for reversal. While downtrend on EUR/GBP pair is still actual, EUR does not want to give in easily and refuse major decline for lower low. Yesterday we’ve reached key resistance at 0.8320 ended with strong price reaction which formed classic pinbar on daily timeframe. This in our opinion is very good opportunity to sell whole resistance area to 0.8330 as ECB and BoE meetings are planned for tomorrow, EU and UK economies diverge in growth and today we will see both UK and EMU services PMI. More risk aversion will likely provide more support to Pound against Euro. We seek targets around 0.8150 and 0.8100 levels for now.
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