13 May 2015
EUR/GBP jam packed full of market flavours
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7224 with a high of 0.7225 and a low of 0.7122.
EUR/GBP is yet again moving with strong momentum, this time to the upside and recouping yesterday's losses, just shy of a full recovery. Sterling remains well bid but so too is the euro with a run from 1.1220's up in to the 1.1360's on dollar weakness.
There is a great deal of action that is priced in to this cross today, with data from all corners of the Atlantic, from Europe's weaker flash Q1 GDP that scolded the single currency in early trade, to the UK wages and jobs upside surprises before a less pound-positive outcome from Carney's dovish and cautious rhetoric in the UK's inflationary and economic outlook and finally to the latest disappointments from US data in the Retails shocker.
Technically, we stand above SMA 5 as support at 0.7207 and SMA 10 at 0.7185 on the hourly sticks. RSI (16) stands at 64, allowing for further upside although heading towards overbought territory with Stoch RSI (14) at 100. SMA 100 and 200 are at 0.7229 and 0.7308. Where can this lead to? Karen Jones, chief analyst at Commerzbank explained "Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."
EUR/GBP is yet again moving with strong momentum, this time to the upside and recouping yesterday's losses, just shy of a full recovery. Sterling remains well bid but so too is the euro with a run from 1.1220's up in to the 1.1360's on dollar weakness.
There is a great deal of action that is priced in to this cross today, with data from all corners of the Atlantic, from Europe's weaker flash Q1 GDP that scolded the single currency in early trade, to the UK wages and jobs upside surprises before a less pound-positive outcome from Carney's dovish and cautious rhetoric in the UK's inflationary and economic outlook and finally to the latest disappointments from US data in the Retails shocker.
Technically, we stand above SMA 5 as support at 0.7207 and SMA 10 at 0.7185 on the hourly sticks. RSI (16) stands at 64, allowing for further upside although heading towards overbought territory with Stoch RSI (14) at 100. SMA 100 and 200 are at 0.7229 and 0.7308. Where can this lead to? Karen Jones, chief analyst at Commerzbank explained "Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."