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24 Jun 2013
EUR/GBP unmoved by German IFO
FXstreet.com (Barcelona) - EUR/GBP has remained largely unchanged following this morning´s German IFO data.
Having gapped higher overnight, EUR/GBP has gradually edged higher into the European session, posting a pre IFO high of 0.8534.The pair made an early low at 0.8508, but has mainly traded within a tight range between 0.8518-0.8534, and despite an early spike lower to 0.8519, the gentle uptrend has remained constant, if not slow. German IFO numbers have come in mixed, with Business Climate in line at 105.9, Current Assessment missing expectations at 109.4/109.5, but Expectations edging higher at 102.5/102, causing spot to nudge a little lower in the immediate aftermath, before recovering to continue trading around its previous highs at 0.8536.
EUR/GBP technicals hold slight bullish bias
Looking at hourly MA´s, momentum is flat. Oscillators are indicating that spot is approaching slightly overbought territory, with RSI at 61, and Stochastics at 77. Daily classic R1 is at 0.8572, and R2 at 0.8572. Support below is at the Pivot at 0.8522 and S1 0.8490.
Having gapped higher overnight, EUR/GBP has gradually edged higher into the European session, posting a pre IFO high of 0.8534.The pair made an early low at 0.8508, but has mainly traded within a tight range between 0.8518-0.8534, and despite an early spike lower to 0.8519, the gentle uptrend has remained constant, if not slow. German IFO numbers have come in mixed, with Business Climate in line at 105.9, Current Assessment missing expectations at 109.4/109.5, but Expectations edging higher at 102.5/102, causing spot to nudge a little lower in the immediate aftermath, before recovering to continue trading around its previous highs at 0.8536.
EUR/GBP technicals hold slight bullish bias
Looking at hourly MA´s, momentum is flat. Oscillators are indicating that spot is approaching slightly overbought territory, with RSI at 61, and Stochastics at 77. Daily classic R1 is at 0.8572, and R2 at 0.8572. Support below is at the Pivot at 0.8522 and S1 0.8490.