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11 Sep 2013
EUR/GBP recovers 0.8400 region after earlier collapse
FXstreet.com (Lisbon) - The EUR/GBP technical cross has weathered the storm after a fall below the 0.8400 region (0.8383 session low), which came on the heels of upbeat UK data.
Earlier today in the United Kingdom, the Claimant Count Change (August) was reported at -32.6K, beating expectations of -22.0K. Moreover, the Claimant Count Rate yielded a figure of 4.2% in August, compared to 4.3% previously. Finally, the ILO Unemployment Rate (3m) came in at 7.7% in July, also improving vs. expectations.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The pair extends stability below the 200-days SMA and the main ascending trend line, re-approaching the key support and neckline of a major double top at 0.8400. The bearish bias remains favored, however a break below this pivotal support is necessary to extend the bearish move. Accordingly, we move to the sidelines awaiting confirmation.”
EUR/GBP technical levels
In these moments the EUR/GBP is now operating at 0.8416, still incurring a fall of -0.22% during European trading. Technically speaking, the EUR/GBP will look to face supports at 0.8420, ahead of 0.8407, and 0.8390, notes the Mataf.net Analyst Team.
Earlier today in the United Kingdom, the Claimant Count Change (August) was reported at -32.6K, beating expectations of -22.0K. Moreover, the Claimant Count Rate yielded a figure of 4.2% in August, compared to 4.3% previously. Finally, the ILO Unemployment Rate (3m) came in at 7.7% in July, also improving vs. expectations.
EUR/GBP strategic bias
According to the Technical Analyst Team at ICN.com, “The pair extends stability below the 200-days SMA and the main ascending trend line, re-approaching the key support and neckline of a major double top at 0.8400. The bearish bias remains favored, however a break below this pivotal support is necessary to extend the bearish move. Accordingly, we move to the sidelines awaiting confirmation.”
EUR/GBP technical levels
In these moments the EUR/GBP is now operating at 0.8416, still incurring a fall of -0.22% during European trading. Technically speaking, the EUR/GBP will look to face supports at 0.8420, ahead of 0.8407, and 0.8390, notes the Mataf.net Analyst Team.