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4 Oct 2013
EUR/GBP has come under pressure, capping at 0.8478
FXstreet.com (London) - EUR/GBP supply has continued throughout the US session where the pair is currently trading at 0.8452 and up 0.29%.
Research teams at TD Securities explained that GBP’s weakness seems to be driven by more technical issues and longs being squeezed. Meanwhile, Research teams at Rabobank said the better tone of UK economic data continues to suggest that the nascent economic recovery is becoming more established. "While talk of a BOE rate rise in late 2014 still persists it is notable that economists’ surveys are pointing to the first rate hike from the BoE not before 2015”. From the calendar today, We have seen some poor data across the wires earlier in Europe in German and EZ PPI coming in lower than expectations.
EUR/GBP Levels
The 20 DMA is 0.8405, the 50 DMA is 0.8512 and the 200 DMA is 0.8513. RSI (14) reads 63.40 Supports are ascending from 0.8300, 0.8333, 0.8368, 0.8382 and 0.8431 and 0.8449. Spot is currently 0.8452 while resistances are 0.8488 and 0.8505.
Research teams at TD Securities explained that GBP’s weakness seems to be driven by more technical issues and longs being squeezed. Meanwhile, Research teams at Rabobank said the better tone of UK economic data continues to suggest that the nascent economic recovery is becoming more established. "While talk of a BOE rate rise in late 2014 still persists it is notable that economists’ surveys are pointing to the first rate hike from the BoE not before 2015”. From the calendar today, We have seen some poor data across the wires earlier in Europe in German and EZ PPI coming in lower than expectations.
EUR/GBP Levels
The 20 DMA is 0.8405, the 50 DMA is 0.8512 and the 200 DMA is 0.8513. RSI (14) reads 63.40 Supports are ascending from 0.8300, 0.8333, 0.8368, 0.8382 and 0.8431 and 0.8449. Spot is currently 0.8452 while resistances are 0.8488 and 0.8505.