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Forex pairs in this Article » EUR/GBP (Barcelona) - EUR/GBP is trading sub 0.8600 handle and has remained steady around the figure for last few sessions.

EUR/GBP is subject to the downside and continues to suffer on renewed optimism for the UK economy, with Sterling bulls sighting a faster recovery in the 2nd quarter. UK GDP is tomorrow. Data has BBA mortgage Approvals at 830GMT for the UK while in the afternoon we will see EZ Consumer Confidence at 2GMT.

EUR/GBP capped below 0.8600

EUR/GBP had shifted down a gear or two last week in a major key and daily reversal from 0.8710 on Wednesday. Sterling is overall bid and the pair may be extended lower ahead of the three-month uptrend at 0.8510 as a key supporting area. The range broadly speaking could be extended as far as 0.8790/0.8814 to the upside if 0.8700 is breached with closing sticks higher. This would mark highs achieved earlier on in the year.
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