The GBP continues to make good ground against the Euro
July 19, 2012 Leave a comment
Euro/USD: The past couple of week’s consolidative pattern continued today with yet a further choppy sideways action being experienced. Early rally attempts ran into heavy resistance in the 1.2325 area from where the Euro came under renewed downward pressure and a test of 1.2263 was staged. However, bounces once again proved short lived and values eventually made a low for the session at 1.2229 before closing at 1.2258.
GBP/USD: The GBP put in a more positive performance today and after initial weakness was cushioned by support in and around the 1.5636 area values worked steadily higher for the balance of the session. Peaks were eventually established in the 1.5721 zone from where light profit taking trimmed gains and the market finally closed at 1.5705.
Euro/JPY: The Euro again worked a little lower today but in a choppy and erratic manner. Early weakness uncovered support in the 9643 zone although subsequent rally attempts were quickly thwarted by resistance in the 9683 area and values once again headed southwards. Lows for the session were eventually established around the 9613 region with prices finally closing the European day at 9634.
GBP/Euro: The GBP bull trend resumed with a vengeance today and after a short period of consolidation just either side of the opening level of 1.246 values accelerated to the upside once again. Highs for the session were finally secured in the 1.2836 region before finally closing the European day at 1.2813.