18 Jul 2013
EUR/GBP drops to support
FXstreet.com (London) - EUR/GBP has dropped from 0.8640/48 to test support on the release of yet more upbeat UK data.
EUR/GBP has extended the downside and is feeling the pinch while the UK continues to surprise markets with better than expected data. UK Retails Sales this time around surprised to the upside for June and printed 2.2% YoY vrs 1.7% consensus and beating previous by 0.1%. Ex-Fuel also beat expectations by printing 2.1% vrs 1.6%.
EUR/GBP lack of momentum
EUR/GBP charted a key day reversal from 0.8710 yesterday and there appears to be a loss of upside momentum ahead of the 2009-2013 resistance line at 0.8723 that remains the final barrier to the 0.8793/0.8814 highs seen earlier in the year, said Analyst, Karen Jones at Commerzbank. “The market will find some support offered by previous range at 0.8597.Failure here will imply a slide back to the 0.8506 3 month uptrend”.
EUR/GBP has extended the downside and is feeling the pinch while the UK continues to surprise markets with better than expected data. UK Retails Sales this time around surprised to the upside for June and printed 2.2% YoY vrs 1.7% consensus and beating previous by 0.1%. Ex-Fuel also beat expectations by printing 2.1% vrs 1.6%.
EUR/GBP lack of momentum
EUR/GBP charted a key day reversal from 0.8710 yesterday and there appears to be a loss of upside momentum ahead of the 2009-2013 resistance line at 0.8723 that remains the final barrier to the 0.8793/0.8814 highs seen earlier in the year, said Analyst, Karen Jones at Commerzbank. “The market will find some support offered by previous range at 0.8597.Failure here will imply a slide back to the 0.8506 3 month uptrend”.