Back
16 Apr 2013
Forex: EUR/GBP moves towards session highs at 0.8544/50
FXstreet.com (Barcelona) - The EUR/GBP has jumped over 20 pips off its lows (0.8522) Tuesday, following the publication of economic data in the EMU and Germany. At the time of writing, the pair has moved higher into positive territory to trade at 0.8544/50, up +0.17%.
According to Research Analyst Gareth Berry at UBS, “Regarding the EUR/GBP, neutrality reigns, as the cross is unwinding the sharp sell-off of March. Resistance is at 0.8560 ahead of 0.8602, while support is at 0.8463 ahead of 0.8410.”
“The EUR/GBP continues to gradually move higher, approaching the 50-days SMA and 0.8575 horizontal resistance. A retest of this resistance could provide an opportunity to short the pair, however the level should remain intact for the bearish continuation chances to remain likely.” notes the ICN.com analyst team.
In the EMU, Consumer Price Index – Core (YoY) has grown +1.5% in March, besting a consensus of +1.4%. Meanwhile, the Consumer Price Index (MoM and YoY) has climbed +1.2% and +1.7% respectively, matching expectations. Finally, in Germany, the ZEW Survey – Economic Sentiment (April) has revealed 36.3, missing projections of 42.0.
According to Research Analyst Gareth Berry at UBS, “Regarding the EUR/GBP, neutrality reigns, as the cross is unwinding the sharp sell-off of March. Resistance is at 0.8560 ahead of 0.8602, while support is at 0.8463 ahead of 0.8410.”
“The EUR/GBP continues to gradually move higher, approaching the 50-days SMA and 0.8575 horizontal resistance. A retest of this resistance could provide an opportunity to short the pair, however the level should remain intact for the bearish continuation chances to remain likely.” notes the ICN.com analyst team.
In the EMU, Consumer Price Index – Core (YoY) has grown +1.5% in March, besting a consensus of +1.4%. Meanwhile, the Consumer Price Index (MoM and YoY) has climbed +1.2% and +1.7% respectively, matching expectations. Finally, in Germany, the ZEW Survey – Economic Sentiment (April) has revealed 36.3, missing projections of 42.0.