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21 Jun 2013
EUR/GBP gaps 10 pips lower
FXstreet.com (London) - EUR/GBP has gapped 10 pips lower on the 5-minute chart after a close of 0.8543 on the candle.
EUR/GBP has been drifting higher over the course of the day as Sterling has lost traction. Sterling had been the best performer holding up to the dollar, after a raft of better than expected UK data, especially that in the form of a vastly improved set of retails sales. However, the market today has been unwinding after a busy week ahead of the weekend and the pair are finding an equilibrium on the weeks price action. As we enter the last hour of the European week, the cross is about 50 pips up on the week having traded in a 110 pip range.
EUR/GBP ranges
Karen Jones at Commerzbank explains that the EUR/GBP saw complete rejection from resistance at 0.8696/97 (the May high and cloud resistance). She said this continues to represent a break point on the topside to 0.8636 April high and the 0.8793/0.8814 highs seen earlier in the year. She feels intraday dips should find support circa 0.8514/00 ahead of the 0.8485 short term uptrend. Failure here is needed, she said, to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8388.
EUR/GBP has been drifting higher over the course of the day as Sterling has lost traction. Sterling had been the best performer holding up to the dollar, after a raft of better than expected UK data, especially that in the form of a vastly improved set of retails sales. However, the market today has been unwinding after a busy week ahead of the weekend and the pair are finding an equilibrium on the weeks price action. As we enter the last hour of the European week, the cross is about 50 pips up on the week having traded in a 110 pip range.
EUR/GBP ranges
Karen Jones at Commerzbank explains that the EUR/GBP saw complete rejection from resistance at 0.8696/97 (the May high and cloud resistance). She said this continues to represent a break point on the topside to 0.8636 April high and the 0.8793/0.8814 highs seen earlier in the year. She feels intraday dips should find support circa 0.8514/00 ahead of the 0.8485 short term uptrend. Failure here is needed, she said, to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8388.