Filed Under:
Forex pairs in this Article » EUR/GBP
FXstreet.com (Córdoba) - The EUR/GBP showed little reaction to the latest string of UK data and continued to trade nearly flat on the day at the 0.8360 zone, after being rejected from the 0.8370 area.

The UK reported the October trade deficit shrank less than expected to £9.732B from £10.099B (revised from £9.816B) while industrial and manufacturing production rose 0.4% each, versus 0.3% and 0.4% expected respectively. "All of which should prove positive for sterling", says Rob Carnell, analyst at ING Bank. "Our FX strategists think sterling is one of the few developed market currencies that will be able to keep pace with USD appreciation once the taper starts and the USD embarks on its forecast 2014 rally".

EUR/GBP technical levels


The EUR/GBP is currently trading at the 0.8360 zone, virtually unchanged since opening. In terms of technical levels, the EUR/GBP could face immediate supports at 0.8352 (daily low/21-day SMA) and 0.8346 (Dec 6 low) ahead of 0.8330 (10-day SMA). On the other hand, resistances could be found at 0.8370 (daily high), 0.8395 (Dec 9 high) and 0.8400 (psychological level) followed by 0.8415 (Nov 20 high).
comments powered by Disqus