Both the Euro and GBP come under renewed downward pressure.
July 23, 2012 Leave a comment
Euro/USD: Having clearly broken to the downside from the past couple of weeks consolidation pattern the Euro continued lower today. After early rally attempts were quickly thwarted by strong resistance in the 1.2130 area valued worked towards the 1.2068 zone before renewed demand was stimulated. A short covering bounce towards the close saw prices finish at 1.2112.
GBP/USD: The GBP moved significantly lower today and after opening in and around the 1.5608 area prices headed south almost immediately. Little support was uncovered until late in the session around 1.5485 from where a little short covering caused a bounce towards 1.5503 where the European session then closed.
Euro/JPY: A day of two halves with the morning session seeing a period weakness with support around the 9424 area coming under close examination. This seemed to encourage the buyers back to the market and during the afternoon session values rebounded towards the 9515 zone before resistance re-emerged. The day finally closed at 9500.
GBP/Euro: The GBP experienced much needed corrective weakness today and after a couple of failures to break resistance around 1.2879 the market moved lower for the balance of the session. Lows for the day were secured around 1.2795 which is where the European session finally closed.