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14 Jun 2013
EUR/GBP rally capped by 0.8540 resistance
FXstreet.com (New York) - The EUR/GBP technical pair recently peaked at the 0.8537 level (session highs), whereby the foreign exchange rate eased lower following the EMU release.
At the time of writing, the EUR/GBP has held onto a gain of +0.16%, operating at 0.8521. Despite the recent easing, the Mataf.net analysts point to the next level of resistive correction for the EUR/GBP at 0.8540, then 0.8574, and finally 0.8606. On the decline, supportive structures will trigger at 0.8474, ahead of 0.8442 and finally 0.8408.
EUR/GBP building momentum for a push higher?
According to the Technical Analyst Team at ICN.com, “The EUR/GBP is still fluctuating around 0.8500 and is trying to gain enough positive momentum to extend the upside move. Generally, our expectations of a bullish move is intraday valid unless levels 0.8465 were broken and the pair stabilized below it.”
EUR/GBP reacts unfavorably to expected CPI
Earlier today in the EMU, Consumer Price Index (YoY) grew +1.4% in May, in line with expectations. Moreover, the Consumer Price Index – Core (YoY) has climbed +1.2% in May, also matching estimates. Finally, the Consumer Price Index (MoM) yielded +0.1% in May, once again coming in at the same projected figure. In the UK, the CB Leading Economic Index (May) came in at +0.2%, compared with +0.4% previously.
At the time of writing, the EUR/GBP has held onto a gain of +0.16%, operating at 0.8521. Despite the recent easing, the Mataf.net analysts point to the next level of resistive correction for the EUR/GBP at 0.8540, then 0.8574, and finally 0.8606. On the decline, supportive structures will trigger at 0.8474, ahead of 0.8442 and finally 0.8408.
EUR/GBP building momentum for a push higher?
According to the Technical Analyst Team at ICN.com, “The EUR/GBP is still fluctuating around 0.8500 and is trying to gain enough positive momentum to extend the upside move. Generally, our expectations of a bullish move is intraday valid unless levels 0.8465 were broken and the pair stabilized below it.”
EUR/GBP reacts unfavorably to expected CPI
Earlier today in the EMU, Consumer Price Index (YoY) grew +1.4% in May, in line with expectations. Moreover, the Consumer Price Index – Core (YoY) has climbed +1.2% in May, also matching estimates. Finally, the Consumer Price Index (MoM) yielded +0.1% in May, once again coming in at the same projected figure. In the UK, the CB Leading Economic Index (May) came in at +0.2%, compared with +0.4% previously.