2 Jul 2013
EUR/GBP offered in European trade
FXstreet.com (London) - EUR/GBP has broken through 0.8580 support in European markets.
EUR/GBP strolled higher yesterday to reach 0.8593 as Mark Carneys accession to the BOE was taken as an excuse in London to sell the pound on fears of future policy is widely expected to be sterling negative. However, the topside was short lived when Manufacturing PMI came in much stronger than expected at 52.5 vrs 51.4 and the cross sold-off to 0.8555. The pair picked up again in the afternoon and again walked higher into Asian markets trading within a range of circa 20 pips between 0.8580/97. Today, we have EZ PPI in focus at 9GMT.
EUR/GBP risks topside
Whilst it caps, Karen Jones, analyst at Commerzbank suggest that EUR/GBP remains sidelined. However, she say’s, very shortly the cloud will thin and the risk of a break out from the 0.8470-
0.8597 range will increase. Following repeated tests and recovery off 0.8470, she suggests the favoured direction is still for a break higher.
EUR/GBP strolled higher yesterday to reach 0.8593 as Mark Carneys accession to the BOE was taken as an excuse in London to sell the pound on fears of future policy is widely expected to be sterling negative. However, the topside was short lived when Manufacturing PMI came in much stronger than expected at 52.5 vrs 51.4 and the cross sold-off to 0.8555. The pair picked up again in the afternoon and again walked higher into Asian markets trading within a range of circa 20 pips between 0.8580/97. Today, we have EZ PPI in focus at 9GMT.
EUR/GBP risks topside
Whilst it caps, Karen Jones, analyst at Commerzbank suggest that EUR/GBP remains sidelined. However, she say’s, very shortly the cloud will thin and the risk of a break out from the 0.8470-
0.8597 range will increase. Following repeated tests and recovery off 0.8470, she suggests the favoured direction is still for a break higher.