30 Apr 2014
EUR/GBP in highs beyond 0.8220
FXStreet (Edinburgh) - The EUR/GBP has broken above the recent consolidation pattern around 0.8210 following the now better tone from the single currency.
EUR/GBP trims losses
The cross is thus recovering part of yesterday’s sharp sell-off after German inflation figures disappointed investors in April. The EUR is getting extra wings today after consumer prices in the euro area ticked higher to 0.7% YoY and 1.0% YoY from the Core reading, both prints surpassing March’s releases. “Main support here is 0.8160 – below which the way lower opens up to 0.80 00/25. While the price is above 0.8160/0.8200, there is a chance of a rally towards 0.8275/80”, suggested Paul Robson, Senior FX Strategist at RBS.
EUR/GBP levels to watch
The cross is now up 0.16% at 0.8222 with the next hurdle at 0.8244 (21-d MA) ahead of 0.8259 (high Apr.29) and then 0.8266 (high Apr.16). On the flip side, a breakdown of 0.8196 (low Apr.30) would open the door to 0.8191 (low Feb.28) and finally 0.8157 (2014 low Feb.17).
EUR/GBP trims losses
The cross is thus recovering part of yesterday’s sharp sell-off after German inflation figures disappointed investors in April. The EUR is getting extra wings today after consumer prices in the euro area ticked higher to 0.7% YoY and 1.0% YoY from the Core reading, both prints surpassing March’s releases. “Main support here is 0.8160 – below which the way lower opens up to 0.80 00/25. While the price is above 0.8160/0.8200, there is a chance of a rally towards 0.8275/80”, suggested Paul Robson, Senior FX Strategist at RBS.
EUR/GBP levels to watch
The cross is now up 0.16% at 0.8222 with the next hurdle at 0.8244 (21-d MA) ahead of 0.8259 (high Apr.29) and then 0.8266 (high Apr.16). On the flip side, a breakdown of 0.8196 (low Apr.30) would open the door to 0.8191 (low Feb.28) and finally 0.8157 (2014 low Feb.17).