30 Oct 2013
EUR/GBP remains in lethargy despite inspiring EZ data
FXstreet.com (Athens) – The EUR/GBP change little after the Euro land data showed that the business and consumer confidence rose to two – year high.
The EUR/GBP was not much amazed by the solid Euro zone data, hovering around the same levels as it did (0.8565 area) before the data release. Briefly, better economic conditions in Euro land led businesses and consumers in Euro zone to be more optimistic in over two-year time, still the essential issue, is how the solid confidence will be translated into rapid growth and spending, amidst an environment where unemployment is skyrocketing, making new high records day by day.
Technical Perspective on EUR/GBP
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “EUR/GBP has accelerated higher. The Elliot wave count on the 240 minute chart has become even more positive and is suggesting scope for gains to .8775. Given than the end of August high is .8652, we will offer this as a more conservative target. Intraday dips should find support at .8550/35. The market is immediately bid near term above the .8514 short term uptrend. This guards the .8434/25 mid October lows.
The EUR/GBP was not much amazed by the solid Euro zone data, hovering around the same levels as it did (0.8565 area) before the data release. Briefly, better economic conditions in Euro land led businesses and consumers in Euro zone to be more optimistic in over two-year time, still the essential issue, is how the solid confidence will be translated into rapid growth and spending, amidst an environment where unemployment is skyrocketing, making new high records day by day.
Technical Perspective on EUR/GBP
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “EUR/GBP has accelerated higher. The Elliot wave count on the 240 minute chart has become even more positive and is suggesting scope for gains to .8775. Given than the end of August high is .8652, we will offer this as a more conservative target. Intraday dips should find support at .8550/35. The market is immediately bid near term above the .8514 short term uptrend. This guards the .8434/25 mid October lows.