25 Jul 2013
EUR/GBP continues to the upside
FXstreet.com (Barcelona) - EUR/GBP is continuing in the rally higher post UK GDP.
EUR/GBP is benefitting from the market shorting GBP, as it appears those who were long the pound pre the anticipated number wanted to exit and take profits, buying the rumour and selling the fact. The numbers printed 0.6% QoQ and 1.4% YoY in line with consensus and the pair are currently trading 0.8630/40, recovered from 0.8588. “...the reaction to today’s GDP release probably confirms that there is more downside potential in the GBP on relatively weak data than there is upside potential on relatively strong data”. Stephen Gallo, BMO
EUR/GBP capped in 0.8630 territories
EUR/GBP has broken the 0.8514 3-month uptrend and 0.8620 resistance for the 0.8630 territories. However, broadly speaking, the bear trend will remain in tact unless the pair could manage to rise above the current July high at 0.8710. This would bring this year’s 0.8793/0.8814 highs back into focus.
EUR/GBP is benefitting from the market shorting GBP, as it appears those who were long the pound pre the anticipated number wanted to exit and take profits, buying the rumour and selling the fact. The numbers printed 0.6% QoQ and 1.4% YoY in line with consensus and the pair are currently trading 0.8630/40, recovered from 0.8588. “...the reaction to today’s GDP release probably confirms that there is more downside potential in the GBP on relatively weak data than there is upside potential on relatively strong data”. Stephen Gallo, BMO
EUR/GBP capped in 0.8630 territories
EUR/GBP has broken the 0.8514 3-month uptrend and 0.8620 resistance for the 0.8630 territories. However, broadly speaking, the bear trend will remain in tact unless the pair could manage to rise above the current July high at 0.8710. This would bring this year’s 0.8793/0.8814 highs back into focus.