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22 Oct 2013
EUR/GBP bid despite UK inflationary argument
FXstreet.com (Barcelona) - EUR/GBP has moved the support line higher and is marking higher resistances as well in a relatively sideways play ahead of key economic releases later on this week.
This week sees the MPC, and research teams at TD Securities have said, “The collective view of economists is that the BoE are unlikely to hike rates before 2015, a sizeable minority expect no rate hike before 2016. Given that there is a lot of positive news already priced in to sterling, we do not expect the MPC minutes to have the capacity to lend more than modest support this week. That said, given that the USD is on the back foot cable is likely to remain well supported”.
EUR/GBP Levels
The 20 DMA is 0.8432, the 50 DMA is 0.8469 and the 200 DMA is 0.8530. RSI (14) reads 55.41. Supports are ascending from 0.8333, 0.8376, 0.8395 and 0.8425. Spot is currently 0.8469 while resistances are 0.8510, 0.8553, 0.8572 and 0.8594.
This week sees the MPC, and research teams at TD Securities have said, “The collective view of economists is that the BoE are unlikely to hike rates before 2015, a sizeable minority expect no rate hike before 2016. Given that there is a lot of positive news already priced in to sterling, we do not expect the MPC minutes to have the capacity to lend more than modest support this week. That said, given that the USD is on the back foot cable is likely to remain well supported”.
EUR/GBP Levels
The 20 DMA is 0.8432, the 50 DMA is 0.8469 and the 200 DMA is 0.8530. RSI (14) reads 55.41. Supports are ascending from 0.8333, 0.8376, 0.8395 and 0.8425. Spot is currently 0.8469 while resistances are 0.8510, 0.8553, 0.8572 and 0.8594.