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17 Jul 2013
EUR/GBP testing 0.8700
FXstreet.com (London) - EUR/GBP has pierced 0.8700 and is attempting to stabilise above.
EUR/GBP is testing the 0.8700 handle and forming a double attempt at the quote this month. The pair is printing a high since March of 0.8708 so far while the pair is attempting to stabilise above the figure. The pair enjoyed the disappointing data releases in the UK and a lower than forecasted UK CPI while EZ CPI came in line. At the same time, we had the ZEW Survey for Germany offering a positive reading on the current situation (Jul) 10.6 vrs 9.0 consensus and 8.6 previous. While EZ ZEW came in 32.8 vrs 31.8, so positive there too. The pair printed the figure in European markets but tailed off until Asia came in and helped to buoy the pair, allowing the set to test the handle again up for London traders this morning. We now await BoE minutes coming up 830GMT and the UK Unemployment rate as the major and direct data releases for the rest of this week. Meanwhile, EUR/USD and Cable will be reacting to Bernanke today and tomorrow and second tier US data over the course of the next few sessions.
EUR/GBP charts a strong bullish session
Axel Rudolph, Senior Technical Analyst at Commerzbank said EUR/GBP has charted a strong up session and is well placed to test the 2009-2013 resistance line at 0.8723. “This remains the final barrier to the 0.8793/0.8814 highs seen earlier in the year. The market will remain bid while above the 0.8636 April high”. He said this guards the top of the previous range at 0.8597.
EUR/GBP is testing the 0.8700 handle and forming a double attempt at the quote this month. The pair is printing a high since March of 0.8708 so far while the pair is attempting to stabilise above the figure. The pair enjoyed the disappointing data releases in the UK and a lower than forecasted UK CPI while EZ CPI came in line. At the same time, we had the ZEW Survey for Germany offering a positive reading on the current situation (Jul) 10.6 vrs 9.0 consensus and 8.6 previous. While EZ ZEW came in 32.8 vrs 31.8, so positive there too. The pair printed the figure in European markets but tailed off until Asia came in and helped to buoy the pair, allowing the set to test the handle again up for London traders this morning. We now await BoE minutes coming up 830GMT and the UK Unemployment rate as the major and direct data releases for the rest of this week. Meanwhile, EUR/USD and Cable will be reacting to Bernanke today and tomorrow and second tier US data over the course of the next few sessions.
EUR/GBP charts a strong bullish session
Axel Rudolph, Senior Technical Analyst at Commerzbank said EUR/GBP has charted a strong up session and is well placed to test the 2009-2013 resistance line at 0.8723. “This remains the final barrier to the 0.8793/0.8814 highs seen earlier in the year. The market will remain bid while above the 0.8636 April high”. He said this guards the top of the previous range at 0.8597.