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14 May 2015
EUR/GBP: Turning to test 0.72 handle
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7207 with a high of 0.7244 and a low of 0.7204.
EUR/GBP has dipped lower on the 0.72 and away rom yesterday's busy highs when the cross went on a walk from 0.7120 to 0.7244 on an action packed day with Europe's weaker flash Q1 GDP, UK wages and jobs upside surprises coupled with Carney's dovish and cautious rhetoric in the UK's inflationary and economic outlook. The greenback was also a factor when the US data in the retail sales disappointed. Today Draghi spoke and the main take away is that he will continue with QE until there is sustained adjustment in inflation.
Technically, profits are being had while we move in on the 0.72 handle and test the SMA 5 as support at 0.7207 ahead of 0.7185 on the hourly sticks. RSI (16) stands at 49. Karen Jones, chief analyst at Commerzbank explained "Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."
EUR/GBP has dipped lower on the 0.72 and away rom yesterday's busy highs when the cross went on a walk from 0.7120 to 0.7244 on an action packed day with Europe's weaker flash Q1 GDP, UK wages and jobs upside surprises coupled with Carney's dovish and cautious rhetoric in the UK's inflationary and economic outlook. The greenback was also a factor when the US data in the retail sales disappointed. Today Draghi spoke and the main take away is that he will continue with QE until there is sustained adjustment in inflation.
Technically, profits are being had while we move in on the 0.72 handle and test the SMA 5 as support at 0.7207 ahead of 0.7185 on the hourly sticks. RSI (16) stands at 49. Karen Jones, chief analyst at Commerzbank explained "Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."