21 Aug 2013
EUR/GBP is hovering around 0.8561 ahead of UK data
FXstreet.com (Athens) - EUR/GBP is trading sideways, ahead on crucial UK releases, regarding the UK public sector net borrowing data and the CBI industrial order expectations.
EUR/GBP hovering around 0.8560 in a tight range, ahead UK data
The common currency found solid support on the comments of the senior European officials and managed to stay near its weekly highs of 0.8577. The pair might find a trend direction after the release of the UK public sector net borrowing data at 08:30 GMT and UK CBI industrial order expectations at 10:00 GMT.
Technical outlook on EUR/GBP
Jynske Bank Team suggest that “We recommend that investors place a sell order at 86.20 to catch EURGBP before the next weakening phase begins. In the short term, EURGBP trades in oversold territory, and therefore we expect that in the short term EURGBP will trade back towards the 86.30-86.90 range. No important fundamentals will be announced in the UK this week. We still expect that GBP will strengthen over the coming 3, 6 and 12 months”. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 0.8498, 0.8520, 0.8541 and resistance at 0.8600, 0.8622, 0.9257, respectively.
I trimmed it down quite a lot
EUR/GBP hovering around 0.8560 in a tight range, ahead UK data
The common currency found solid support on the comments of the senior European officials and managed to stay near its weekly highs of 0.8577. The pair might find a trend direction after the release of the UK public sector net borrowing data at 08:30 GMT and UK CBI industrial order expectations at 10:00 GMT.
Technical outlook on EUR/GBP
Jynske Bank Team suggest that “We recommend that investors place a sell order at 86.20 to catch EURGBP before the next weakening phase begins. In the short term, EURGBP trades in oversold territory, and therefore we expect that in the short term EURGBP will trade back towards the 86.30-86.90 range. No important fundamentals will be announced in the UK this week. We still expect that GBP will strengthen over the coming 3, 6 and 12 months”. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 0.8498, 0.8520, 0.8541 and resistance at 0.8600, 0.8622, 0.9257, respectively.
I trimmed it down quite a lot