9 Oct 2013
EUR/GBP soars on unexpectedly dismal UK data
FXstreet.com (Athens) – The EUR/GBP got a solid boost after the release of very discouraging UK data pertaining both to August manufacturing and industrial ouput.
EUR/GBP skyrockets nearly one month high after the sterling takes a sharp hit
The EUR/GBP got a solid support on really both dismal and unexpected UK data released earlier, dragging down the sterling across the board against its major counter-parts, thus driving the cross immensely upwards. To be more précised, the EUR/GBP is hovering at 0.8470 area, not far away from its monthly high as of 0.8475.
Technical Outlook on EUR/GB
Karen Jones, Head Technical Analyst at Commerzbank mentions that the “EUR/GBP has tested and again failed at the June low at .8470, the 38.2% retracement at .8500 and the 2 month downtrend at.8469. These should act as tough resistance and we maintain our bearish bias while capped by .8500. Failure here will leave focus once more on the .8332 September low.” Our personal aspect of view is that investors should now focus on the 200 daily MA which is near the 0.8513 level and if gets broke, then we suggest that an uptrend momentum might add further to the underlying upside potential.
EUR/GBP skyrockets nearly one month high after the sterling takes a sharp hit
The EUR/GBP got a solid support on really both dismal and unexpected UK data released earlier, dragging down the sterling across the board against its major counter-parts, thus driving the cross immensely upwards. To be more précised, the EUR/GBP is hovering at 0.8470 area, not far away from its monthly high as of 0.8475.
Technical Outlook on EUR/GB
Karen Jones, Head Technical Analyst at Commerzbank mentions that the “EUR/GBP has tested and again failed at the June low at .8470, the 38.2% retracement at .8500 and the 2 month downtrend at.8469. These should act as tough resistance and we maintain our bearish bias while capped by .8500. Failure here will leave focus once more on the .8332 September low.” Our personal aspect of view is that investors should now focus on the 200 daily MA which is near the 0.8513 level and if gets broke, then we suggest that an uptrend momentum might add further to the underlying upside potential.