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14 Sep 2013
EUR/GBP ending the week below the pivot
FXstreet.com (London) - EUR/GBP lost grip of the 0.8400 handle amid a broad base rally in Sterling, post disappointing data releases from the US while GBP continues to attract investors in a less negative UK environment.
EUR/GBP climbed from the lows of sub 0.8360 today but has not made territory above the pivot and remains with a negative bias on the charts. Sterling had performed well yesterday after the unemployment rate dropped to 7.7% in August from 7.8% (nearer the BoE’s 7% “threshold”). For this week, “Sterling gains perhaps more sustainable on the crosses (EUR) than versus the USD as the Fed nears its tapering” explained research teams at TD Securities. Earlier, construction output was slightly stronger than consensus expectations, showing a 2.2% M/M rise in July. Despite a downward revision to June data, Q2 as a whole was revised higher, although not enough to have any real impact on GDP.
EUR/GBP levels
The 20 DMA is .8506, the 50 DMA is .8580 and the 200 DMA is .8493. RSI (14) reads36. Supports are ascending from .8326 .8355. Spot is currently 8381 while resistances are coming in at .8383, .8415, .8426, .8439, .8465 and .8488.
EUR/GBP climbed from the lows of sub 0.8360 today but has not made territory above the pivot and remains with a negative bias on the charts. Sterling had performed well yesterday after the unemployment rate dropped to 7.7% in August from 7.8% (nearer the BoE’s 7% “threshold”). For this week, “Sterling gains perhaps more sustainable on the crosses (EUR) than versus the USD as the Fed nears its tapering” explained research teams at TD Securities. Earlier, construction output was slightly stronger than consensus expectations, showing a 2.2% M/M rise in July. Despite a downward revision to June data, Q2 as a whole was revised higher, although not enough to have any real impact on GDP.
EUR/GBP levels
The 20 DMA is .8506, the 50 DMA is .8580 and the 200 DMA is .8493. RSI (14) reads36. Supports are ascending from .8326 .8355. Spot is currently 8381 while resistances are coming in at .8383, .8415, .8426, .8439, .8465 and .8488.