30 Aug 2013
EUR/GBP is trading lower on solid UK data
FXstreet.com (Athens) - The EUR/GBP is heading lower amidst the global turmoil, another day of encouraging UK data and bets on more monetary easing on behalf of ECB.
EUR/GBP is trading downwards on solid UK data and rumors on further ECB easing
The pair is still moving downwards on Friday, as it was another day of boosting data regarding the UK economy. Consumer credit in Great Britain continues to gradually improve, rising by £0.6 billion in July from around flat at the start of the year and mostly negative growth in 2012. Meanwhile, mortgage approvals surprised on the upside at 60.6k, the first print above 60k since mid-2008. On the other hand, the Euro zone softer inflation figure released earlier boosted the ECB further easing bets; thus a more ‘weaken’ common currency. Last but not least, in addition to the constant encouraging UK data, ECB’s Nowotny said that “there's still uncertainty in Euro periphery”.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8538, down 0.03%. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698 respectively.
EUR/GBP is trading downwards on solid UK data and rumors on further ECB easing
The pair is still moving downwards on Friday, as it was another day of boosting data regarding the UK economy. Consumer credit in Great Britain continues to gradually improve, rising by £0.6 billion in July from around flat at the start of the year and mostly negative growth in 2012. Meanwhile, mortgage approvals surprised on the upside at 60.6k, the first print above 60k since mid-2008. On the other hand, the Euro zone softer inflation figure released earlier boosted the ECB further easing bets; thus a more ‘weaken’ common currency. Last but not least, in addition to the constant encouraging UK data, ECB’s Nowotny said that “there's still uncertainty in Euro periphery”.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8538, down 0.03%. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698 respectively.