22 Aug 2013
EUR/GBP extends rally post data hat-trick
FXstreet.com (Chicago) - EUR/GBP soared post Euro-zone data releases earlier in the old continent. The pair accumulates 0.45% (American trading session) and maintains 0.8560 fronts. A small retracement from 0.8577 continues although bulls succeed uplifting the euro so far.
It is a beat, EU hat-trick
Most European data released today outperformed expectations with the Markit manufacturing higher than 50.8 estimates reaching 51.3. The Markit PMI composite was 51.7 vs. expected 50.2 and the Markit services index was 51.0 vs. estimates at 50.2. With no data released in the UK, the bulls extended the feast. In Europe, the markets closed in green with the FTSE 100 up 0.88%, the CAC40 scoring 1.10% gains and the DAX gaining 1.36%.
EUR/GBP Technical Levels
Technically speaking the pair continues navigating close to weekly highs as it is offered at 0.8567 leaving behind supports at 0.8556 (August 16th highs), 0.8536 (August 19th highs) followed by 0.8520 (August 19th lows) and facing resistances at 0.8575 (August 20th highs), 0.8589 (July 19th lows) ahead of 0.8600 (August 13th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and oscillates above the EMA20.
It is a beat, EU hat-trick
Most European data released today outperformed expectations with the Markit manufacturing higher than 50.8 estimates reaching 51.3. The Markit PMI composite was 51.7 vs. expected 50.2 and the Markit services index was 51.0 vs. estimates at 50.2. With no data released in the UK, the bulls extended the feast. In Europe, the markets closed in green with the FTSE 100 up 0.88%, the CAC40 scoring 1.10% gains and the DAX gaining 1.36%.
EUR/GBP Technical Levels
Technically speaking the pair continues navigating close to weekly highs as it is offered at 0.8567 leaving behind supports at 0.8556 (August 16th highs), 0.8536 (August 19th highs) followed by 0.8520 (August 19th lows) and facing resistances at 0.8575 (August 20th highs), 0.8589 (July 19th lows) ahead of 0.8600 (August 13th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and oscillates above the EMA20.