27 Jun 2013
EUR/GBP spikes on poor UK data
FXstreet.com (London) - EUR/GBP has taken out key resistance levels on a poor economic print for the UK.
EURGBP has moved from an ascending channel that had reached 0.8500 pre data, and has galloped on to 0.8535 with targets at 0.8551 resistance. GDP came in at 0.3% vrs 0.6% yoy and expectations of 0.6%. Month on month were in line, but coupled with a widening of the Current Account, the market has dumped the pound.
Levels for the EUR/GBP
Resistances are 0.8551, 0.8598 and 0.8637. Support 0.8516, 0.8464 / 41 / 20 and 0.8398. The obvious near term targets for the pair are the June highs slightly below 0.8600 to meet April highs and March gaps in the daily calendar. Otherwise, 0.8400 suports a sideways channel.
EURGBP has moved from an ascending channel that had reached 0.8500 pre data, and has galloped on to 0.8535 with targets at 0.8551 resistance. GDP came in at 0.3% vrs 0.6% yoy and expectations of 0.6%. Month on month were in line, but coupled with a widening of the Current Account, the market has dumped the pound.
Levels for the EUR/GBP
Resistances are 0.8551, 0.8598 and 0.8637. Support 0.8516, 0.8464 / 41 / 20 and 0.8398. The obvious near term targets for the pair are the June highs slightly below 0.8600 to meet April highs and March gaps in the daily calendar. Otherwise, 0.8400 suports a sideways channel.