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12 Aug 2013
EUR/GBP sidelined, for now.
FXstreet.com (Barcelona) - EUR/GBP, after a turbulent week of last, the pair is quiet in the opening hour of London markets and remains around the 0.8600 for a consecutive third opening session.
EUR/GBP eyes the week ahead
There are no major economic data releases for the remainder of the day. However, this week is hotting up for the pair while data from the EZ, UK, and the US will all be keenly watched, impacting the cross. Financial Markets Research at Rabobank International point out that on “Tuesday morning, we’ll see UK inflation data (PPI, CPI and RPI), Euro zone industrial production, and the German ZEW survey. In the afternoon, we turn to the US for the small business optimism index (NFIB) and retail sales.On Wednesday, the Bank of England minutes, UK labour market data and Euro zone GDP figures will be published, followed by the US PPI later in the day.On Thursday, it will be quiet in the Euro zone, but we’ll hear the retail sales figures from the UK, and a range of data from the US: inflation (CPI), TIC flows, industrial production, the NAHB housing market index, and the Philly Fed.On Friday, the most interesting data will come from the US, with housing starts and building permits, and the University of Michigan’s consumer confidence index”.
EUR/GBP risk to the downside
Axel Rudolph, Senior Technical Analyst at Commerzbank said, the EUR/GBP charted tiny ranges on Thursday and Friday and is just sitting above the 0.8583/77 55 day ma and 10th July low. “The short term risk remains that we see a break below here and failure would imply losses back to the 0.8507 2012-2013 uptrend, which is expected to hold the downside. The market should find interim resistance at 0.8635 and at 0.8673/80 and should be contained by the 0.8728 spike high seen last Wednesday”. The 20 dma is 0.8644, the 50 dma is 0.8584 while the 200 dma is 0.8438. RSI (9) reads 41.72. The supports are ascending from 0.8464, 0.8512, 0.8550, 0.8575. Spot is currently 0.8602 while resistances are 0.8623, 0.8636, 0.8654 and 0.8672.
EUR/GBP eyes the week ahead
There are no major economic data releases for the remainder of the day. However, this week is hotting up for the pair while data from the EZ, UK, and the US will all be keenly watched, impacting the cross. Financial Markets Research at Rabobank International point out that on “Tuesday morning, we’ll see UK inflation data (PPI, CPI and RPI), Euro zone industrial production, and the German ZEW survey. In the afternoon, we turn to the US for the small business optimism index (NFIB) and retail sales.On Wednesday, the Bank of England minutes, UK labour market data and Euro zone GDP figures will be published, followed by the US PPI later in the day.On Thursday, it will be quiet in the Euro zone, but we’ll hear the retail sales figures from the UK, and a range of data from the US: inflation (CPI), TIC flows, industrial production, the NAHB housing market index, and the Philly Fed.On Friday, the most interesting data will come from the US, with housing starts and building permits, and the University of Michigan’s consumer confidence index”.
EUR/GBP risk to the downside
Axel Rudolph, Senior Technical Analyst at Commerzbank said, the EUR/GBP charted tiny ranges on Thursday and Friday and is just sitting above the 0.8583/77 55 day ma and 10th July low. “The short term risk remains that we see a break below here and failure would imply losses back to the 0.8507 2012-2013 uptrend, which is expected to hold the downside. The market should find interim resistance at 0.8635 and at 0.8673/80 and should be contained by the 0.8728 spike high seen last Wednesday”. The 20 dma is 0.8644, the 50 dma is 0.8584 while the 200 dma is 0.8438. RSI (9) reads 41.72. The supports are ascending from 0.8464, 0.8512, 0.8550, 0.8575. Spot is currently 0.8602 while resistances are 0.8623, 0.8636, 0.8654 and 0.8672.