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15 Jul 2013
EUR/GBP closing the 20 pip gap
FXstreet.com (London) - EUR/GBP is lower on the London open and closing the 20 pip gap created on the way lower.
EUR/GBP’s pivot is at these levels, 0.8639, and this week might see the pair caught in between the UK and US data releases in the main with major highlights from the BoE Minutes and a spot light on US data as well. However, although the market has had more clarity from the ECB conference and forward guidance that explains rates will indeed remain low in the ‘medium term’, markets will look towards the CPI data tomorrow along with the ZEW for both Germany and the EZ.
EUR/GBP upside preserved
EUR/GBP last week spiked higher and has closed above the 0.8636, the April high. Karen Jones, Chief Analyst at Commerzbank said while the market continues to hold over the 55-day ma at 0.8523 and the range lows at 0.8570, so an upside bias is preserved. “Initial support is the top of the previous range at 0.8597. The close above the 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year”.
EUR/GBP’s pivot is at these levels, 0.8639, and this week might see the pair caught in between the UK and US data releases in the main with major highlights from the BoE Minutes and a spot light on US data as well. However, although the market has had more clarity from the ECB conference and forward guidance that explains rates will indeed remain low in the ‘medium term’, markets will look towards the CPI data tomorrow along with the ZEW for both Germany and the EZ.
EUR/GBP upside preserved
EUR/GBP last week spiked higher and has closed above the 0.8636, the April high. Karen Jones, Chief Analyst at Commerzbank said while the market continues to hold over the 55-day ma at 0.8523 and the range lows at 0.8570, so an upside bias is preserved. “Initial support is the top of the previous range at 0.8597. The close above the 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year”.