29 Aug 2013
EUR/GBP tumbles on Cameron comments
FXstreet.com (Athens) - The EUR/GBP trades at its daily lows, due to dismal German labor data, spicy Cameron comments ‘flirting’ with war in Syria and … as expected post Carney speech.
The EUR/GBP collapses, as Cameron said that ‘beyond doubt Syrian government used chemical weapons’. In addition to ‘spicy’ comments from England’s Prime Minister, the sterling found solid ground today against the single currency, as German employment data let down traders all around the globe. Meanwhile, the Bundesbank cut the annual growth forecast for 2013 in June to 0.3%, despite predicting a gradual recovery for the rest of the year. What’s more, the sterling’s outperformance, was also helped a bit , by reports that Vodafone is in talks with Verizon to sell its 45% stake. . Last but not least, solid UK figures still prevail across the board; UK Lloyds Business Barometer released at 54 versus 41, which was the prior one.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8540, down 0.60%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698 respectively.
The EUR/GBP collapses, as Cameron said that ‘beyond doubt Syrian government used chemical weapons’. In addition to ‘spicy’ comments from England’s Prime Minister, the sterling found solid ground today against the single currency, as German employment data let down traders all around the globe. Meanwhile, the Bundesbank cut the annual growth forecast for 2013 in June to 0.3%, despite predicting a gradual recovery for the rest of the year. What’s more, the sterling’s outperformance, was also helped a bit , by reports that Vodafone is in talks with Verizon to sell its 45% stake. . Last but not least, solid UK figures still prevail across the board; UK Lloyds Business Barometer released at 54 versus 41, which was the prior one.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8540, down 0.60%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698 respectively.