7 Aug 2013
EUR/GBP in highs on Carney
FXstreet.com (Ediinburgh) -The EUR/GBP climbed to the vicinity of 0.8740 after Governor M.Carney linked rates with a 7.0% unemployment rate.
EUR/GBP extends the upside
The central bank also revised up its economic growth forecasts: 1.5% in 2013 and 2.7% in 2014, both up from 1.2% and 1.5%, respectively. The BoE will keep the current rate levels until the unemployment rate hit 7.0%, this being a threshold and not a trigger for a rate hike. Carney also inferred that consumer prices would remain around 2.9% in the near-term.
EUR/GBP key levels
As of writing the cross is up 0.41% at 0.8706 with the next resistance at 0.8681 (high Aug.7) followed by 0.8695 (high Aug.5) and then 0.8745 (high Aug.2). On the downside, a breach of 0.8627 (MA30d) would target 0.8619 (low Aug.6) en route to 0.8606 (low Jul.26).
EUR/GBP extends the upside
The central bank also revised up its economic growth forecasts: 1.5% in 2013 and 2.7% in 2014, both up from 1.2% and 1.5%, respectively. The BoE will keep the current rate levels until the unemployment rate hit 7.0%, this being a threshold and not a trigger for a rate hike. Carney also inferred that consumer prices would remain around 2.9% in the near-term.
EUR/GBP key levels
As of writing the cross is up 0.41% at 0.8706 with the next resistance at 0.8681 (high Aug.7) followed by 0.8695 (high Aug.5) and then 0.8745 (high Aug.2). On the downside, a breach of 0.8627 (MA30d) would target 0.8619 (low Aug.6) en route to 0.8606 (low Jul.26).