11 Jul 2013
EUR/GBP capped 0.8696
FXstreet.com (London) - EUR/GBP rallied in NY and Asia to 0.8696 from the figure 0.8600.
EUR/GBP has moved lower to 0.8634 in European markets. The initial spike came as EUR/USD rallied on the back of the FOMC minutes which took the EUR/USD pair 400 pips higher, while Sterling lagged behind the move comparatively and relatively to the Euros performance. The general theme in the markets now are going to be US economic data dependent. The minutes revealed a less hawkish tone and ideas around tapering were split between voting members of the FOMC.
EUR/GBP upside preserved
Karen Jones, Chief Analysts at Commerzbank said that EUR/GBP has recently traded through but has yet to close above the 0.8636 April high. Nonetheless while the market continues to hold over the 55 day ma at 0.8516 and the range lows at 0.8570, an upside bias is preserved. Initial support is the top of the previous range at 0.8597. A close above the 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year.
EUR/GBP has moved lower to 0.8634 in European markets. The initial spike came as EUR/USD rallied on the back of the FOMC minutes which took the EUR/USD pair 400 pips higher, while Sterling lagged behind the move comparatively and relatively to the Euros performance. The general theme in the markets now are going to be US economic data dependent. The minutes revealed a less hawkish tone and ideas around tapering were split between voting members of the FOMC.
EUR/GBP upside preserved
Karen Jones, Chief Analysts at Commerzbank said that EUR/GBP has recently traded through but has yet to close above the 0.8636 April high. Nonetheless while the market continues to hold over the 55 day ma at 0.8516 and the range lows at 0.8570, an upside bias is preserved. Initial support is the top of the previous range at 0.8597. A close above the 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year.