12 Jul 2013
EUR/GBP supported 0.8620
FXstreet.com (London) - EUR/GBP has been quietly grinding lower in the shadows of the USD.
EUR/GBP has fallen from the approaches towards 0.8700 and walked at a steady pace to find support to 0.8620. The pair are slightly bid into the London open while the pivot opens up a target for the bulls in a much calmer market place. On the London open, we had Spanish Consumer Price Index in line with expectations year on year, while month on month for June readings came in as 0.1% vrs 0.2%. There has been very little response in the pair but most prominent this morning, data wise, will be EZ Industrial Production at 9GMT. In the afternoon we will see US data with PPI at 1230GMT and Michigan Consumer Sentiment at 13.55GMT that could add something to an otherwise quiet looking end to a very choppy week.
EUR/GBP upside bias preserved
Despite a spike higher, the market has yet to close above the 0.8636 April high, noted Karen Jones, Chief Analyst at Commerzbank. “Nonetheless while the market continues to hold over the 55 day ma at 0.8519 and the range lows at 0.8570, an upside bias is preserved.” She sights initial support at 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 fallen from the approaches towards 0.8700 and walked at a steady pace to find support to 0.8620. The pair are slightly bid into the London open while the pivot opens up a target for the bulls in a much calmer market place. On the London open, we had Spanish Consumer Price Index in line with expectations year on year, while month on month for June readings came in as 0.1% vrs 0.2%. There has been very little response in the pair but most prominent this morning, data wise, will be EZ Industrial Production at 9GMT. In the afternoon we will see US data with PPI at 1230GMT and Michigan Consumer Sentiment at 13.55GMT that could add something to an otherwise quiet looking end to a very choppy week.
EUR/GBP upside bias preserved
Despite a spike higher, the market has yet to close above the 0.8636 April high, noted Karen Jones, Chief Analyst at Commerzbank. “Nonetheless while the market continues to hold over the 55 day ma at 0.8519 and the range lows at 0.8570, an upside bias is preserved.” She sights initial support at 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.”