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17 Jul 2013
EUR/GBP drops over 60 pips
FXstreet.com (Barcelona) - EUR/GBP has moved aggressively lower on a unified MPC on rates and QE as well as a much better set of UK data.
EUR/GBP is suffering big losses while Sterling has benefited from UK data that came in much better than expected while Carney has been welcomed by the MPC and voted more or less unanimously re the QE programme and rate decision. The claimant count for Jun came in -21.2K vrs -8.0k consensuses. The pair printed a low of 0.8634 and has since started to recover to 0.8655 at the time of writing while cable has recovered to back below 1.5200 after an initial rally to 1.5248.
EUR/GBP remains in positive territory
EUR/GBP remains in positive territory as the pair holds 0.8640 supported area. Quotes on the 0.8600 handle are seen as positive. Axel Rudolph, Senior Technical Analyst at Commerzbank said EUR/GBP has charted a strong up session and is well placed to test the 2009-2013 resistance line at 0.8723. “This remains the final barrier to the 0.8793/0.8814 highs seen earlier in the year. The market will remain bid while above the 0.8636 April high”. He said this guards the top of the previous range at 0.8597.
EUR/GBP is suffering big losses while Sterling has benefited from UK data that came in much better than expected while Carney has been welcomed by the MPC and voted more or less unanimously re the QE programme and rate decision. The claimant count for Jun came in -21.2K vrs -8.0k consensuses. The pair printed a low of 0.8634 and has since started to recover to 0.8655 at the time of writing while cable has recovered to back below 1.5200 after an initial rally to 1.5248.
EUR/GBP remains in positive territory
EUR/GBP remains in positive territory as the pair holds 0.8640 supported area. Quotes on the 0.8600 handle are seen as positive. Axel Rudolph, Senior Technical Analyst at Commerzbank said EUR/GBP has charted a strong up session and is well placed to test the 2009-2013 resistance line at 0.8723. “This remains the final barrier to the 0.8793/0.8814 highs seen earlier in the year. The market will remain bid while above the 0.8636 April high”. He said this guards the top of the previous range at 0.8597.