27 Sep 2013
EUR/GBP trading just below 0.8386 support after BOE comments
FXstreet.com (Barcelona) - EUR/GBP tumbling after the BOE’s Carney out on the wires reiterating his belief that Britain no longer needs QE and will likely be cutting back or eliminating the program.
EUR/GBP traders will look to British and EU data for guidance in the coming hours
The Bank of England’s head hauncho Mark Carney was out in the press once again indicating his strong belief that the BOE will be justified by the economic data when they decide to cut back or eliminate their quantitative easing program some time very soon. To a certain degreee, this attitude should have been priced into the market already as he was also out saying basically the same thing within the last few weeks.
In the next several hours, EUR/GBP traders will get to trade around German inflation data, British housing price data, and EuroZone sentiment, confidence and business climate figures.
Technical outlook for EUR/GBP
Technicians warn that the EUR/GBP will really cascade lower if the 0.8351 support level is violated in the coming hours / days. Below that level, technicians have a downside target range that reaches as far down as 0.8299. Key resistance comes in at 0.8450.
EUR/GBP traders will look to British and EU data for guidance in the coming hours
The Bank of England’s head hauncho Mark Carney was out in the press once again indicating his strong belief that the BOE will be justified by the economic data when they decide to cut back or eliminate their quantitative easing program some time very soon. To a certain degreee, this attitude should have been priced into the market already as he was also out saying basically the same thing within the last few weeks.
In the next several hours, EUR/GBP traders will get to trade around German inflation data, British housing price data, and EuroZone sentiment, confidence and business climate figures.
Technical outlook for EUR/GBP
Technicians warn that the EUR/GBP will really cascade lower if the 0.8351 support level is violated in the coming hours / days. Below that level, technicians have a downside target range that reaches as far down as 0.8299. Key resistance comes in at 0.8450.