Forex: EUR/GBP back to flat for the week; above 0.8250

FXstreet.com (Barcelona) - EURGBP is currently about flat for the week at 0.8276, off recent session and weekly lows at 0.8264. The cross has found initial resistance at the roof of the ascending channel EURGBP is within since past July 5-year lows at 0.7755, printing so far a fresh 9-month high at 0.8326 in yesterday's early Asia-Pacific session.

With Cable mostly flat since early Monday's NY trade around current quotes at 1.6063 last, inside a somehow wide range 1.6101/1.6032, risk events for the London session ahead will come from the Euro side of the equation, just the opposite of what Tuesday was. As starter, Portugal will try to sell up to ¬ 2.5B in T-bills at 08:30 GMT, followed by Italian trade balance half hour later, and EU CPI figures at 10:00 GMT. Germany will also auction up to ¬ 5B in 10 year bunds.

Immediate support to the downside for EURGBP lies at recent session/yesterday's/weekly lows 0.8264, followed by Jan 16 2012 lows at 0.8251, and key level 0.8220 as Jan 09 2012 lows/April 25 2012-Dec 28 highs. To the upside, initial resistance would show at current levels as Monday's lows 0.8278, followed by Friday's highs at 0.8288, and yesterday's London session lows at 0.8300.