9 Jul 2013
EUR/GBP breaks out to the upside
FXstreet.com (London) - EUR/GBP broken key resistance after the release of very poor UK data.
UK data came in as Industrial Production yoy 12.3%vrs -1.5% consensus. Then Manufacturing Production yoy -2.9 vrs -1.6% consensus. Trade Balance, non EU disappointed by over £500m and Goods Trade Balance was £20m wider than consensus. EUR/GBP now looks to the 0.8700 handle and March quote.
EUR/GBP upside bias
Karen Jones, Chief Analyst at Commerzbank said “The 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year.” Dankse Banks technical analyses suggest the next resistances will be 0.8656, 0.8660 and 0.8703. Key support is sighted at 0.8536 before 0.8510. Karen Jones at Commerzbank said She said failure at 0.8470, although less favoured, would re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8420.
UK data came in as Industrial Production yoy 12.3%vrs -1.5% consensus. Then Manufacturing Production yoy -2.9 vrs -1.6% consensus. Trade Balance, non EU disappointed by over £500m and Goods Trade Balance was £20m wider than consensus. EUR/GBP now looks to the 0.8700 handle and March quote.
EUR/GBP upside bias
Karen Jones, Chief Analyst at Commerzbank said “The 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year.” Dankse Banks technical analyses suggest the next resistances will be 0.8656, 0.8660 and 0.8703. Key support is sighted at 0.8536 before 0.8510. Karen Jones at Commerzbank said She said failure at 0.8470, although less favoured, would re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8420.