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15 Apr 2013
Forex: EUR/GBP sideways trading at 0.8520/25
FXstreet.com (Barcelona) - The EUR/GBP has recently been stagnated in trading, following a more volatile overnight session Monday. However, during European trading, the pair has been relegated to negative territory, wavering little in the aftermath of economic data out of the EMU. In these moments, the pair has settled at 0.8520/25, down -0.28% off its opening.
According to Research Analyst Gareth Berry at UBS, “Regarding the EUR/GBP, neutrality reigns, as the cross is unwinding the sharp sell-off of March. Resistance is at 0.8560 ahead of 0.8602, while support is at 0.8463 ahead of 0.8410.”
“The EURGBP is gradually moving higher, attempting to retest the 50-days SMA and 0.8575 broken neckline of an earlier double top pattern. We expect the bearish attempts to resume this week, but price should remain below 0.8600 level for the bearish scenario to remain valid.” notes the ICN.com analyst team.
In the EMU, the Trade Balance n.s.a. came in at €10.4B in February, against expectations of €3.0B. In addition, the Trade Balance s.a. yielded a figure of €12.0B in the month of February, measured against a projection of €9.9B.
According to Research Analyst Gareth Berry at UBS, “Regarding the EUR/GBP, neutrality reigns, as the cross is unwinding the sharp sell-off of March. Resistance is at 0.8560 ahead of 0.8602, while support is at 0.8463 ahead of 0.8410.”
“The EURGBP is gradually moving higher, attempting to retest the 50-days SMA and 0.8575 broken neckline of an earlier double top pattern. We expect the bearish attempts to resume this week, but price should remain below 0.8600 level for the bearish scenario to remain valid.” notes the ICN.com analyst team.
In the EMU, the Trade Balance n.s.a. came in at €10.4B in February, against expectations of €3.0B. In addition, the Trade Balance s.a. yielded a figure of €12.0B in the month of February, measured against a projection of €9.9B.