18 Jul 2013
EUR/GBP holding above 0.8600
FXstreet.com (London) - EUR/GBP has been supported by 0.8600 after positive UK data committed the pair into the hands of the bears.
EUR/GBP has been the brunt of more unified MPC on rates and QE as well as a much better set of UK data. Today, 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 support at 0.8597 sighted
EUR/GBP short term ad hourly MA’s offer a negative bias while RSI 14 reads 32.98 and slightly oversold while longer and medium term ma’s give the pair support. Chief Analyst, Karen Jones, at Commerzbank said the market will find some support offered by previous range at 0.8597 and failure here will imply a slide back to the 0.8506 3 month uptrend.
EUR/GBP has been the brunt of more unified MPC on rates and QE as well as a much better set of UK data. Today, 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 support at 0.8597 sighted
EUR/GBP short term ad hourly MA’s offer a negative bias while RSI 14 reads 32.98 and slightly oversold while longer and medium term ma’s give the pair support. Chief Analyst, Karen Jones, at Commerzbank said the market will find some support offered by previous range at 0.8597 and failure here will imply a slide back to the 0.8506 3 month uptrend.