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Forex pairs in this Article » EUR/GBP (Athens)- The EUR/GBP bounces on terrible UK retail sales.

EUR/GBP soars as poor UK retail sales data open the “Pandora box”

The EUR/GBP was trading below 0.8400 area, but as soon as the dismal UK retail sales released across the board, the single currency got really boosted, gaining around 40 pips in a couple of minutes, while also hitting a daily high as of 0.8435.

Technical Outlook on EUR/GBP

Karen Jones, Head of Technical Analysis at Commerzbank, mentions that “EUR/GBP charted a new low of 0.8332 and this has yet to be confirmed by the daily RSI. We note the 13 count on the daily chart and we view the down move as losing momentum and if not already done so we would exit short positions.”
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