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13 Sep 2013
EUR/GBP downwards as EZ fundamentals hit a nerve
FXstreet.com (Athens)- The EUR/GBP is under pressure for a fourth straight session, as Euro zone fundamentals hit a nerve on Euro Zone finance ministers meeting.
EUR/GBP under high pressure and 0.8400 in high jeopardy
The EUR/GBP is under heavy pressure; today the Finance Ministers of Euro land gather to discuss topics which will likely include the status of the bailout program for Cyprus, as well as the funding gap of around EUR4.0 billion for Greece. The single currency is suffering as Greece, Cyprus, the economy and banking union are on deck. What’s more besides the spicy agenda of the today’s Euro zone conference, the single currency is under pressure due to the 1.5% m/m contraction in Euro zone July industrial production. Furthermore, we should not forget that Draghi stated yesterday that the upturn is still “very, very green”. Last but not least, Syria’s issue is still on focus, even if it doesn’t be across the news wires at the same immensely tone. This issue still has the potential to create uncertainty and renewed tension.
Technical outlook on EUR/GBP
Emmanuel Ng of OCBC Bank, notes that “the EUR-GBP remains skating above the 0.8400 floor amid a still heavy posture.” At the time of writing, the pair is trading at 0.8402, down 0.13%. The FXstreet.com Trend Index shows the pair to be strongly bearish 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.
EUR/GBP under high pressure and 0.8400 in high jeopardy
The EUR/GBP is under heavy pressure; today the Finance Ministers of Euro land gather to discuss topics which will likely include the status of the bailout program for Cyprus, as well as the funding gap of around EUR4.0 billion for Greece. The single currency is suffering as Greece, Cyprus, the economy and banking union are on deck. What’s more besides the spicy agenda of the today’s Euro zone conference, the single currency is under pressure due to the 1.5% m/m contraction in Euro zone July industrial production. Furthermore, we should not forget that Draghi stated yesterday that the upturn is still “very, very green”. Last but not least, Syria’s issue is still on focus, even if it doesn’t be across the news wires at the same immensely tone. This issue still has the potential to create uncertainty and renewed tension.
Technical outlook on EUR/GBP
Emmanuel Ng of OCBC Bank, notes that “the EUR-GBP remains skating above the 0.8400 floor amid a still heavy posture.” At the time of writing, the pair is trading at 0.8402, down 0.13%. The FXstreet.com Trend Index shows the pair to be strongly bearish 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.