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13 Jun 2013
EUR/GBP clinging to 55d ma
FXstreet.com (London) - EUR/GBP had been enjoying a lift in EUR/USD at around 1.3370 with the next hurdle at 1.3456. EUR/GBP spiked higher a couple of times on the European open up to 0.8543
EUR/GBP lower on German data
The single currency is pulling back a little on wholesale prices in Germany that contracted 0.4% on a monthly basis and 0.1% over the last twelve months. The ECB Monthly Report is on its way this morning. Yesterday, we had a mixed report from the UK labour market, which all in all was received very well giving the pound a lift. However, as the market digests those numbers, what is very apparent is the fact that employers are paying lower wages and substituting those for jobs.
EUR/GBP still at 55 d ma
Axel Rudolph ,Senior Analysts for Commerbank said that EUR/GBP briefly dropped to 0.8470 on Wednesday before stabilising around the 55 day moving average at 0.8500. “It remains on the defensive, though” he said and continued to explain that rallies will find minor resistance at 0.8550, Tuesday’s high, ahead of the 0.8563 resistance line and the 0.8597 May high. “We should see this continue to hold the topside for a slide back to the 0.8422 mid-May low”. He said that failure here will leave the currency pair weighing on the downside and target the 2012-13 support line at 0.8373.
EUR/GBP lower on German data
The single currency is pulling back a little on wholesale prices in Germany that contracted 0.4% on a monthly basis and 0.1% over the last twelve months. The ECB Monthly Report is on its way this morning. Yesterday, we had a mixed report from the UK labour market, which all in all was received very well giving the pound a lift. However, as the market digests those numbers, what is very apparent is the fact that employers are paying lower wages and substituting those for jobs.
EUR/GBP still at 55 d ma
Axel Rudolph ,Senior Analysts for Commerbank said that EUR/GBP briefly dropped to 0.8470 on Wednesday before stabilising around the 55 day moving average at 0.8500. “It remains on the defensive, though” he said and continued to explain that rallies will find minor resistance at 0.8550, Tuesday’s high, ahead of the 0.8563 resistance line and the 0.8597 May high. “We should see this continue to hold the topside for a slide back to the 0.8422 mid-May low”. He said that failure here will leave the currency pair weighing on the downside and target the 2012-13 support line at 0.8373.