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Forex pairs in this Article » EUR/GBP (London) - EUR/GBP has opened in London on Junes supporting line and lows for the month.

EUR/GBP has drifted lower into the open from an overnight high of 0.8491 to test the months lows as we approach a number of economic variable releases on todays calendar for the UK and US. Most in ficus for EUR/USD will come in the form of US GDP Q1 annulised. Meanwhile, and earlier on in the European session, we were presented German GfK Consumer Survey (Jul) offering 6.8 vrs 6.5 consensus.

EUR/GBP is eroding the 6 week uptrend at 0.8492

Alex Rudolph, Senior Technical Analyst at Commerzbank said EUR/GBP is eroding the 6 week uptrend at 0.8492, but noted we have not breached the recent low at 0.8470, leaving the market still sidelined. “It is possible that this will hold for a bounce back to the resistance at 0.8696/97 (the May high and cloud resistance) – currently the market is pretty much sidelined”. He added that this continues to represent a break point on the topside to 0.8636, being April high and the 0.8793/0.8814 highs seen earlier in the year. He said failure at 0.8470 is needed to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8396.
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