EUR/GBP: The bulls are targeting 0.85
The single currency had its second consecutive week of strong gains against the sterling that sent the pair just below the psychologically important level at 84.00. Considering the recent strength of the Euro across the board it looks like the EUR/GBP is likely to reach higher., targeting 85.00. At 0.8385 this morning it appears there is a bit of a bull market squeeze at the moment, which could be seen as a good buying opportunity. The upside penetration of 0.843 would open the door for 0.844 ultimately exposing the key resistance level 0.85. As long as the rising trend line that supports the market remains intact there is not much reason for the bulls to worry. In the alternative scenario, the downside penetration of 0.83 could delay the bullish move. With the current momentum in the market though, this is hard to imagine at the moment. On the economic data front, the calendar is pretty quiet today with investors eyeing the German ZEW survey due for release tomorrow.
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