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12 Sep 2013
EUR/GBP above 0.8400 despite solid UK data
FXstreet.com (Athens)-The EUR/GBP is trading confined in a tight range around 0.8420, despite the astonishing UK data.
BOE’s Miles says that UK recovery only just starting, but EUR/GBP still on the upper level
BOE’s Miles informed news wires across the globe that “UK recovery only just starting Increase in market rates reflects stronger economy. Growth may be at or above trend, but it should not be inferred that we are about to tighten policy can be more expansionary if needed.” Despite the positive comments and up beating UK labor data, the common currency gained solid ground against the pound.
Technical aspects and Strategic Bias on EUR/GBP
Karen Jones, Head Technical Analyst at Commerzbank suggests that “Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of .8280/.8155/.7980 have been introduced (Fibonacci retracements of the move up from 2012).These will be targeted once the current September low at .8393 has given way.” At the time of writing, the pair is trading at 0.8421, up 0.08%. The FXstreet.com Trend Index shows the pair to be slightly bullish in a 15minutes time framework. Daily pivot point support can be found at 0.8400, 0.8395, 0.8374, and resistance at 0.8444, 0.8466, and 0.8487, respectively.
BOE’s Miles says that UK recovery only just starting, but EUR/GBP still on the upper level
BOE’s Miles informed news wires across the globe that “UK recovery only just starting Increase in market rates reflects stronger economy. Growth may be at or above trend, but it should not be inferred that we are about to tighten policy can be more expansionary if needed.” Despite the positive comments and up beating UK labor data, the common currency gained solid ground against the pound.
Technical aspects and Strategic Bias on EUR/GBP
Karen Jones, Head Technical Analyst at Commerzbank suggests that “Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of .8280/.8155/.7980 have been introduced (Fibonacci retracements of the move up from 2012).These will be targeted once the current September low at .8393 has given way.” At the time of writing, the pair is trading at 0.8421, up 0.08%. The FXstreet.com Trend Index shows the pair to be slightly bullish in a 15minutes time framework. Daily pivot point support can be found at 0.8400, 0.8395, 0.8374, and resistance at 0.8444, 0.8466, and 0.8487, respectively.