23 Aug 2013
EUR/GBP pushes lower off pivot support post UK GDP
FXstreet.com (Barcelona) - Having steadily declined from yesterday's high at 0.8578, EUR/GBP pushed past overnight pivot point support following better than expected UK GDP data.
UK BBA Mortgages missed expectations at 37.2k/39.2k, UK GDP YoY beat forecasts at 0.7%/0.6% and QoQ 1.5%/1.4%, and Total Business Investment YoY Q2 expectations at /0.6%. The immediate reaction has seen spot, decline to post a morning low at 0.8541.
EUR/GBP looks technically bearish
Technically, the FXstreet.com Trend Index is showing the pair to be slightly bearish, while the OC/OS Index is neutral. Pivot support can be found at 0.8536, 0.8500 and 0.8479, and resistance above at 0.8593, 0.8614 and 0.8650. Hourly oscillators are mixed, with Stochastics just emerging from oversold, but RSI in mid range at 39.
UK BBA Mortgages missed expectations at 37.2k/39.2k, UK GDP YoY beat forecasts at 0.7%/0.6% and QoQ 1.5%/1.4%, and Total Business Investment YoY Q2 expectations at /0.6%. The immediate reaction has seen spot, decline to post a morning low at 0.8541.
EUR/GBP looks technically bearish
Technically, the FXstreet.com Trend Index is showing the pair to be slightly bearish, while the OC/OS Index is neutral. Pivot support can be found at 0.8536, 0.8500 and 0.8479, and resistance above at 0.8593, 0.8614 and 0.8650. Hourly oscillators are mixed, with Stochastics just emerging from oversold, but RSI in mid range at 39.