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21 Oct 2013
EUR/GBP consolidating and gathering steam for a sizable move. Which direction, though?
FXstreet.com (Barcelona) - The EUR/GBP cross appears to still be in a consolidation pattern with 0.8423 support and 0.8508 resistance acting as the boundaries.
EUR/GBP traders have a busy data calendar to consider this week
EUR/GBP traders seem to be waiting forsome data-based help to determine the direction and timing of the next big move. They will haveplenty of data off of which they can trade including:
• Monday – No market-moving data is scheduled for Britain or Europe
• Tuesday – British Public Sector Net Borrowing;
• Wednesday – Bank of England monthly policy meeting minutes; British Mortgage Approvals; German 10-Year Bund Auction; EU Consumer Confidence;
• Thursday – Bank of England’s Governor Carney speech; EU Council Meeting; German PMI data; EU PMI data;
• Friday – British GDP; EU Council Meeting; German Expectations; Current Assessment;
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross managed to hold up (thus far) above horizontal line support at 0.8444 and is backed up by the 10/8 low of 0.8423. Resistance comes into play at the 10/11 peak at 0.8508 with major “correction resistance” at 0.8538 above that.
EUR/GBP traders have a busy data calendar to consider this week
EUR/GBP traders seem to be waiting forsome data-based help to determine the direction and timing of the next big move. They will haveplenty of data off of which they can trade including:
• Monday – No market-moving data is scheduled for Britain or Europe
• Tuesday – British Public Sector Net Borrowing;
• Wednesday – Bank of England monthly policy meeting minutes; British Mortgage Approvals; German 10-Year Bund Auction; EU Consumer Confidence;
• Thursday – Bank of England’s Governor Carney speech; EU Council Meeting; German PMI data; EU PMI data;
• Friday – British GDP; EU Council Meeting; German Expectations; Current Assessment;
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross managed to hold up (thus far) above horizontal line support at 0.8444 and is backed up by the 10/8 low of 0.8423. Resistance comes into play at the 10/11 peak at 0.8508 with major “correction resistance” at 0.8538 above that.