1 Aug 2013
EUR/GBP offered to 0.8726 low
FXstreet.com (Barcelona) - EUR/GBP has shed around 30 pips so far in Europe.
The USD has been bid leading up to the NFP’s tomorrow after a disappointing post the FOMC. However, GBP has been holding up the most and while the euro has continued to lose ground to the dollar, Sterling is outperforming, off its lows of 1.5213 and holding above 1.5150. Today we await the Central banks, ECB and BoE, but meanwhile we are getting European data in and the euro is continuing to the downside on the releases that are coming in pretty much in line with expectations. German Markit PMI reads 50.7 vs 50.3 expected and EZ PMI 50.3 vs 50.1.
EUR/GBP eyes 0.8700 support
EUR/GBP has reversed its bullish approach through the 0.8710/14 resistance (recent high and also the 2008-2013 resistance line). It is now heading towards 0.8720 to test support and could embark upon the 23.6% retracement at 0.8682 if the handle is broken as key support at 0.8700.
The USD has been bid leading up to the NFP’s tomorrow after a disappointing post the FOMC. However, GBP has been holding up the most and while the euro has continued to lose ground to the dollar, Sterling is outperforming, off its lows of 1.5213 and holding above 1.5150. Today we await the Central banks, ECB and BoE, but meanwhile we are getting European data in and the euro is continuing to the downside on the releases that are coming in pretty much in line with expectations. German Markit PMI reads 50.7 vs 50.3 expected and EZ PMI 50.3 vs 50.1.
EUR/GBP eyes 0.8700 support
EUR/GBP has reversed its bullish approach through the 0.8710/14 resistance (recent high and also the 2008-2013 resistance line). It is now heading towards 0.8720 to test support and could embark upon the 23.6% retracement at 0.8682 if the handle is broken as key support at 0.8700.