18 Jul 2013
EUR/GBP bid on European open
FXstreet.com (London) - EUR/GBP had moved aggressively lower on a unified MPC on rates and QE as well as a much better set of UK data.
EUR/GBP reached a low of 0.8620 in NY but this attracted bids and we have seen the pair range bound between support 0.8620/38 since. There is very little worth noting on the calendar today except Bernanke will continue to talk to Congress this afternoon and is unlikely to make any new or surprising statements that will unnerve markets.
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 reached a low of 0.8620 in NY but this attracted bids and we have seen the pair range bound between support 0.8620/38 since. There is very little worth noting on the calendar today except Bernanke will continue to talk to Congress this afternoon and is unlikely to make any new or surprising statements that will unnerve markets.
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”.