27 Jun 2013
EUR/GBP has continued the upside
FXstreet.com (London) - EUR/GBP is continuing to march on as it hits 0.8550 and mid point, more or less, of the late May/early June sideways channel formation.
A series of data release have helped the pair continue higher, with benign releases from the EZ and Germany in particular, the UK data has remained in focus which came in worse than expected, painting a poor picture for the UK economy once again. GDP came in at 0.3% vrs 0.6% yoy and expectations of 0.6%. Month on month were in line, but coupled with a widening of the Current Account, the market has dumped the pound.
Levels for the EUR/GBP
Resistances are here at 0.8551, 0.8598 and 0.8637. Support 0.8516, 0.8464 / 41 / 20 and 0.8398. The obvious near term targets for the pair are the Jne highs slightly below 0.8600 to meet April highs and March gaps in the daily calendar. Otherwise, 0.8400 suports a sidways channel.
A series of data release have helped the pair continue higher, with benign releases from the EZ and Germany in particular, the UK data has remained in focus which came in worse than expected, painting a poor picture for the UK economy once again. GDP came in at 0.3% vrs 0.6% yoy and expectations of 0.6%. Month on month were in line, but coupled with a widening of the Current Account, the market has dumped the pound.
Levels for the EUR/GBP
Resistances are here at 0.8551, 0.8598 and 0.8637. Support 0.8516, 0.8464 / 41 / 20 and 0.8398. The obvious near term targets for the pair are the Jne highs slightly below 0.8600 to meet April highs and March gaps in the daily calendar. Otherwise, 0.8400 suports a sidways channel.