11 Jun 2013
EUR/GBP capped at 0.8546
FXstreet.com (London) - EUR/GBP is offered after the release of a mixed bag of economic data in the Manufacturing Production and Industrial Production
Sterling retreats against the Euro
Manufacturing Production came in -0.5% vrs the consensus of -0.4% and -1.4% previous where as the Industrial Production printed -0.6% -0.7% -1.4%. The mixed bag of data was overall bullish for the pound and EUR/GBP is drifting a away from the highs achieved in the European session. Earlier, we also had the release of Rics Housing data that came in better than expected, also aiding the pounds advancement.
Technical mixed readings for the EUR/GBP
Readings on the charts, especially in the ma’s, offer a slightly bullish stance for EUR/GBP while still trading above the pivot targeting May highs at 0.8600. ICN.com technical analyst teams note that the pair is still trading above the ascending trend line and they expected positive trading on the intraday and medium term. Where the pair had breached 0.8635 levels, this confirms to them an extending of an upside move and their initial targets reside at 0.8790. First, in order to be achieving such a level, it requires stability above 0.8455 and 0.8345 levels. Analysts at Commerzbank note that the EUR/GBP continues to hover at the 55 day ma also, but starts this week on the defensive. They feel rallies will find minor resistance at 0.8538 ahead of the 0.85975 recent high. They als feel that we should see this continue to hold the topside for a slide back to the 0.8422 mid-May low. They said failure will leave the market weighing on the downside and target the 2013 support line at 0.8371 and the 2012-13 support line at 0.8362.
Sterling retreats against the Euro
Manufacturing Production came in -0.5% vrs the consensus of -0.4% and -1.4% previous where as the Industrial Production printed -0.6% -0.7% -1.4%. The mixed bag of data was overall bullish for the pound and EUR/GBP is drifting a away from the highs achieved in the European session. Earlier, we also had the release of Rics Housing data that came in better than expected, also aiding the pounds advancement.
Technical mixed readings for the EUR/GBP
Readings on the charts, especially in the ma’s, offer a slightly bullish stance for EUR/GBP while still trading above the pivot targeting May highs at 0.8600. ICN.com technical analyst teams note that the pair is still trading above the ascending trend line and they expected positive trading on the intraday and medium term. Where the pair had breached 0.8635 levels, this confirms to them an extending of an upside move and their initial targets reside at 0.8790. First, in order to be achieving such a level, it requires stability above 0.8455 and 0.8345 levels. Analysts at Commerzbank note that the EUR/GBP continues to hover at the 55 day ma also, but starts this week on the defensive. They feel rallies will find minor resistance at 0.8538 ahead of the 0.85975 recent high. They als feel that we should see this continue to hold the topside for a slide back to the 0.8422 mid-May low. They said failure will leave the market weighing on the downside and target the 2013 support line at 0.8371 and the 2012-13 support line at 0.8362.