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12 Mar 2013
Forex: EUR/GBP establishing fresh lows at 0.8724/25
The EUR/GBP broke higher Tuesday, ascending to 0.8753 during overnight trading (session high) before taking an eventual downturn. Since the, the cross has plummeted, over 25 pips, moving into negative territory and establishing fresh lows at 0.8724/25 in these moments.
“The EUR/GBP's trading settled above the uptrend's key support and prolonged stability above the 0.8700 level is now viewed as positive, and it could very well bolster the pair to touch levels surrounding 0.8800 again.” writes the ICN.com Technical Analyst Team.
Earlier today in Germany, the Consumer Price Index (YoY and MoM) grew +1.5% in the month of February (matching expectations), and +0.6% in February (consistent with projections) respectively. In addition the Harmonized Index of Consumer Prices (YoY) offered little surprise when it reported +1.8% in February, in like with expectations.
According to Research Analyst Gareth Berry at UBS, “We reiterate a strictly bullish stance for the EUR/GBP, while there is potential to further open to the upside to test resistance at 0.8831, while break above would open the way to 0.9021. Support is at 0.8676 ahead of 0.8589.”
“The EUR/GBP's trading settled above the uptrend's key support and prolonged stability above the 0.8700 level is now viewed as positive, and it could very well bolster the pair to touch levels surrounding 0.8800 again.” writes the ICN.com Technical Analyst Team.
Earlier today in Germany, the Consumer Price Index (YoY and MoM) grew +1.5% in the month of February (matching expectations), and +0.6% in February (consistent with projections) respectively. In addition the Harmonized Index of Consumer Prices (YoY) offered little surprise when it reported +1.8% in February, in like with expectations.
According to Research Analyst Gareth Berry at UBS, “We reiterate a strictly bullish stance for the EUR/GBP, while there is potential to further open to the upside to test resistance at 0.8831, while break above would open the way to 0.9021. Support is at 0.8676 ahead of 0.8589.”