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31 Mar 2014
EUR/GBP in highs near 0.8280
FXStreet (Edinburgh) - Weaker UK data is now hurting the sterling, lifting the EUR/GBP to fresh 9ntraday highs near 0.8280.
EUR/GBP paring losses
The cross is now partially recovering the ground lost in last week’s pullback, dropping from 2014 highs beyond 0.8400 to sub-0.8250 levels. In the data front BoE’s Mortgage Approvals dropped to 70.3K during February vs. 75.0K expected and Consumer Credit descended to £0.55 billion in the same period from £0.62 billion in the previous month. Next on tap will be EMU’s final CPI figures for the month of March, expected at 0.6% YoY. “We note the loss of downside momentum on intraday charts but beyond a small rebound, we would anticipate a choppy move lower. Below .8245/40 will target .8210 en route to major support at .8160/59”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/GBP levels to watch
The cross is now advancing 0.17% at 0.8279 with the next resistance at 0.8283 (high Mar.28) ahead of 0.8293 (30-d MA) and finally 0.8312 (100-d MA). On the downside, a breach of 0.8250 (daily cloud base) would expose 0.8247 (low Mar.28) and then 0.8245 (high Mar.5).
EUR/GBP paring losses
The cross is now partially recovering the ground lost in last week’s pullback, dropping from 2014 highs beyond 0.8400 to sub-0.8250 levels. In the data front BoE’s Mortgage Approvals dropped to 70.3K during February vs. 75.0K expected and Consumer Credit descended to £0.55 billion in the same period from £0.62 billion in the previous month. Next on tap will be EMU’s final CPI figures for the month of March, expected at 0.6% YoY. “We note the loss of downside momentum on intraday charts but beyond a small rebound, we would anticipate a choppy move lower. Below .8245/40 will target .8210 en route to major support at .8160/59”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/GBP levels to watch
The cross is now advancing 0.17% at 0.8279 with the next resistance at 0.8283 (high Mar.28) ahead of 0.8293 (30-d MA) and finally 0.8312 (100-d MA). On the downside, a breach of 0.8250 (daily cloud base) would expose 0.8247 (low Mar.28) and then 0.8245 (high Mar.5).