7 Jun 2013
Flash: EUR supported while GBP climbs against USD - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that EUR/USD looks supported while GBP/USD strode higher yesterday.
He begins by commenting that he continues to remain comfortable with a supported stance for EUR/USD after the breach above the 1.3200 handle. He comments, “Ahead of the US labor market numbers however, any extension higher in the interim may not be that forthcoming, with the nearest support now expected around 1.3150.”
Looking to GBP/USD, he adds that with the BOE delivering no surprises at its MPC, GBP/USD strode higher in line with the other majors on Thursday and intra-day he looks to the GBP/USD to continue shadowing EUR/USD. He writes, “We retain a supported posture for the pair in the interim with the 200-day MA (1.5706) expected to be a first ceiling and 1.5500 to provide support.”
He begins by commenting that he continues to remain comfortable with a supported stance for EUR/USD after the breach above the 1.3200 handle. He comments, “Ahead of the US labor market numbers however, any extension higher in the interim may not be that forthcoming, with the nearest support now expected around 1.3150.”
Looking to GBP/USD, he adds that with the BOE delivering no surprises at its MPC, GBP/USD strode higher in line with the other majors on Thursday and intra-day he looks to the GBP/USD to continue shadowing EUR/USD. He writes, “We retain a supported posture for the pair in the interim with the 200-day MA (1.5706) expected to be a first ceiling and 1.5500 to provide support.”