4 Sep 2013
EUR/GBP, crucified deep below 14-week hole?
FXstreet.com (Chicago) - EUR/GBP accumulates 84 pips losses so far on a formidable sell-off day for the pair. Monthly losses account for 266 pips so far as the pound trades strong across the board. The pair remains around 14-week losses despite potential reversal consolidation on its way.
UK vs. Euro-zone results
Worse than expected European GDP data was weighted off by market participants after the UK published Markit Services results at 60.5 vs. expected 59.0 and past 60.2. Earlier this week, the UK had released PMI construction facts that beat estimates along market manufacturing results that also outperformed projections. On the other hand, the Euro-zone had a -0.5% GDP vs. past -1.1% and estimates at -0.7% while retail sales results failed to meet projections.
EUR/GBP Technical Levels
Price action reveals an attempt to partially recover losses that stopped at 0.8453. After hitting 0.8426 14-week lows, the pair handled to rebound to trade at 0.8448 and oscillate between supports at 0.8425 (session lows), 0.84 (April 25th lows) ahead of 0.8373 (January 22nd lows) and resistances at 0.8468 (June 20th lows), 0.8484 (July 8th lows) followed by 0.85 (August 15th lows). The FXstreet.com trend index, reports the pair as slightly bearish on one-hour timeframe analysis with a neutral EMA20.
UK vs. Euro-zone results
Worse than expected European GDP data was weighted off by market participants after the UK published Markit Services results at 60.5 vs. expected 59.0 and past 60.2. Earlier this week, the UK had released PMI construction facts that beat estimates along market manufacturing results that also outperformed projections. On the other hand, the Euro-zone had a -0.5% GDP vs. past -1.1% and estimates at -0.7% while retail sales results failed to meet projections.
EUR/GBP Technical Levels
Price action reveals an attempt to partially recover losses that stopped at 0.8453. After hitting 0.8426 14-week lows, the pair handled to rebound to trade at 0.8448 and oscillate between supports at 0.8425 (session lows), 0.84 (April 25th lows) ahead of 0.8373 (January 22nd lows) and resistances at 0.8468 (June 20th lows), 0.8484 (July 8th lows) followed by 0.85 (August 15th lows). The FXstreet.com trend index, reports the pair as slightly bearish on one-hour timeframe analysis with a neutral EMA20.