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9 Jul 2013
EUR/GBP erases daily gains, 0.8600 holding
FXstreet.com (New York) - The EUR/GBP technical pair rapidly retraced off earlier highs at 0.8672, following the release of UK data that sent the pair into escape velocity Tuesday.
Earlier today in the United Kingdom, the NIESR GDP Estimate (3M) came in at 0.6% in June, which matched a previous figure in May. The fallout of this release culminated in a mitigation of the EUR/GBP that is continuing in these moments.
EUR/GBP holding above 0.8600
Despite the recent pullback, the EUR/GBP remains situated above the 0.8600 barrier, still trading in positive territory Tuesday, albeit it a tepid +0.04% at 0.8611.
EUR/GBP technical bias
In these moments, the EUR/GBP has breached the 0.8623 level (200-day SMA), still operating above the 0.8600 region (July 9 lows). Supports for the pair will initiate at 0.8600, ahead of 0.8575.
According to the Technical Analyst Team at ICN.com, “The EUR/GBP maintains the strong bullish bias and upside breakout, above the key neckline for the bullish pattern, heading towards our first target at 0.8700. Overall, we will continue to long dips towards 0.8600-level, eying 0.8700 and 0.8800.”
Earlier today in the United Kingdom, the NIESR GDP Estimate (3M) came in at 0.6% in June, which matched a previous figure in May. The fallout of this release culminated in a mitigation of the EUR/GBP that is continuing in these moments.
EUR/GBP holding above 0.8600
Despite the recent pullback, the EUR/GBP remains situated above the 0.8600 barrier, still trading in positive territory Tuesday, albeit it a tepid +0.04% at 0.8611.
EUR/GBP technical bias
In these moments, the EUR/GBP has breached the 0.8623 level (200-day SMA), still operating above the 0.8600 region (July 9 lows). Supports for the pair will initiate at 0.8600, ahead of 0.8575.
According to the Technical Analyst Team at ICN.com, “The EUR/GBP maintains the strong bullish bias and upside breakout, above the key neckline for the bullish pattern, heading towards our first target at 0.8700. Overall, we will continue to long dips towards 0.8600-level, eying 0.8700 and 0.8800.”