Forex: EUR/GBP choppy trading, settles at 0.8045/48

FXstreet.com (Barcelona) - Following yesterdays plunge off of the 0.8054 region (Monday maximum), the EURGBP has engaged in choppy trading during Asian and European trading Tuesday, on the heels of some key German data and overall news earlier of the BoJ policy statement. In these moments the price has once again moved, as a recovery attempt was contained in the region of 0.8049 (intraday maximum) before settling at 0.8045/48 at this time.

The EURGBP is firmly in negative territory, netting a loss of -0.14% below its opening today. The technical analyst team at Mataf.net points to supportive measures at 0.8018, followed by 0.7995, onto 0.7977. On the ascension or in the event of a prolonged thrust upwards, a breach of the 0.8059 level will trigger short-term resistances at 0.8077 and 0.8100.

In terms of data, earlier in Germany the Producer Price Index (YoY) yielded a result of only +1.5% in the month of October, missing consensus projections of +1.7%, and compared with +1.7% previously. In addition, the Producer Price Index (MoM) came in unchanged at 0.0% in October, against expectations of +0.1% and down from +0.3% in the previous month.