5 Nov 2013
EUR/GBP held off from 0.84 handle
FXstreet.com (London) - EUR/GBP has been trading below the handle and is awaiting key events from the week coming up.
EUR/GBP has dropped sharply on positive news around the UK economy while markets await the BoE and ECB later on in the week. Meanwhile, Services PMI were in line with consensus for the UK that lifted Sterling and took the pair through some psychological levels. While markets have been trying to call the ECB and BoE for sometime, given the lack of success the market has had this year in predicting Draghi’s action and rhetoric it is no surprise that people are reluctant to place many chips on the outcome of Thursday’s gathering. For the BoE, the risk of some hawkish modifications to EFRG from the BOE could be something to watch out for.
EUR/GBP Levels
The 20 DMA is 0.8491, the 50 DMA is 0.8458 and the 200 DMA is 0.8536. RSI (14) reads 19.16. Supports are ascending from 0.8368 and 0.8376. Spot is currently 0.8398 while resistances are 0.8425, 0.8443, 0.8461and 0.8505.
EUR/GBP has dropped sharply on positive news around the UK economy while markets await the BoE and ECB later on in the week. Meanwhile, Services PMI were in line with consensus for the UK that lifted Sterling and took the pair through some psychological levels. While markets have been trying to call the ECB and BoE for sometime, given the lack of success the market has had this year in predicting Draghi’s action and rhetoric it is no surprise that people are reluctant to place many chips on the outcome of Thursday’s gathering. For the BoE, the risk of some hawkish modifications to EFRG from the BOE could be something to watch out for.
EUR/GBP Levels
The 20 DMA is 0.8491, the 50 DMA is 0.8458 and the 200 DMA is 0.8536. RSI (14) reads 19.16. Supports are ascending from 0.8368 and 0.8376. Spot is currently 0.8398 while resistances are 0.8425, 0.8443, 0.8461and 0.8505.