23 Aug 2013
EUR/GBP testing 0.8600 handle
FXstreet.com (Barcelona) - EUR/GBP has spiked to the figure 0.8600 in a NA session that is seeing volatility ahead of the close for the week.
EUR/GBP has jumped from 0.8560 territory and climbed a fast 35 pips through 0.8580 resistance. EUR/USD is tackling the 1.3400 and up an immediate 40 pips on a broad based dollar sell off, supporting the move in the cross. The dollar has been offered in a delayed move post the Housing data that took markets by surprise. Some analysts had expected new home sales to fall by just 2.8% M/M in July (mkt -2.0%), giving back some of the big 8.3% increase from the month before. The numbers came in 0.394M vs 0.485M consensus and the change was -13.4%.
EUR/GBP failing at May peak
Resistance at.8597 is the May peak. Some analysts are looking for failure of the short term bounce here while the 20 DMA is .8612, the 50 DMA is .8591 and the 200 DMA is .8463. RSI (14) 66.80 reads 66 while supports are ascending from .8441, .8460, .8502, .8535, .8564, .8580, spot is currently 0.8595. Resistances are the psychological 0.8600, then .8623, .8679 and .8730.
EUR/GBP has jumped from 0.8560 territory and climbed a fast 35 pips through 0.8580 resistance. EUR/USD is tackling the 1.3400 and up an immediate 40 pips on a broad based dollar sell off, supporting the move in the cross. The dollar has been offered in a delayed move post the Housing data that took markets by surprise. Some analysts had expected new home sales to fall by just 2.8% M/M in July (mkt -2.0%), giving back some of the big 8.3% increase from the month before. The numbers came in 0.394M vs 0.485M consensus and the change was -13.4%.
EUR/GBP failing at May peak
Resistance at.8597 is the May peak. Some analysts are looking for failure of the short term bounce here while the 20 DMA is .8612, the 50 DMA is .8591 and the 200 DMA is .8463. RSI (14) 66.80 reads 66 while supports are ascending from .8441, .8460, .8502, .8535, .8564, .8580, spot is currently 0.8595. Resistances are the psychological 0.8600, then .8623, .8679 and .8730.