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Forex pairs in this Article » EUR/GBP (Barcelona) - Having traded around the 0.8100 level into the new year, EURGBP has broken high to post a morning, and by default, an annual high at 0.8153.

With news that short term progress has been made to avert to full and immediate effects of the fiscal cliff in the US, markets have seen some USD weakening overnight, which has translated into a softer move in EURGBP, when compared with dollar crosses. The spike higher this morning saw spot find resistance at Classic R3 at 0.8159. Price then retraced to find support between the 55 and 610 hourly MA's before climbing to where it is currently trading at 0.8134.

Calendar wise, this morning has seen Spanish Manufacturing PMI come in at 44.6 against expectations of 45.1. Italian, French , German, Greek and EU Manufacturing PMIs are due today, starting at 08:43 GMT and registering at five minute intervals respectively. UK Manufacturing PMI comes in at 09:28 GMT. Later in the European session, German CPI comes in at 13:00 GMT. Danske analysts are non committal on the pair and comment only that they see a "possible sell".
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