Forex: EUR/GBP confirms overnight high at 0.8012
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EUR/GBP
FXstreet.com (Barcelona) - Having declined to find support at the hourly 50MA at 0.8000, EURGBP climbed to edge above the overnight high at 0.8012.
However, Europe opened lower causing a slight drag on risk sentiment, bringing spot to check support above 0.8000 before continuing its move higher. R1 resistance awaits above at 0.8019, which also doubles up as Monday's high.
Calendar wise French CPI has come in slightly softer than expected at 0.2%/0.3% MoM. Ahead Portuguese GDP is due at 09:00 GMT, UK Unemployment and Claimant Counts at 09:30 GMT, EU Industrial Production at 10:00 GMT and the BoE Inflation report and Governor King's speech fall at 10:30 GMT. An Italian 10 year bond auction is also scheduled for today's European session as well.
The analysts at ICN.com note that spot is still hovering around the psychological level of 0.8000. Looking at a daily chart they note that RSI failed to breach the 50 level and Stochastics are approaching overbought territory. They maintain a bearish viewpoint. Elsewhere, European Equities are still underwater whilst commodities are broadly higher and Spanish and Italian 10 year yields are down.
However, Europe opened lower causing a slight drag on risk sentiment, bringing spot to check support above 0.8000 before continuing its move higher. R1 resistance awaits above at 0.8019, which also doubles up as Monday's high.
Calendar wise French CPI has come in slightly softer than expected at 0.2%/0.3% MoM. Ahead Portuguese GDP is due at 09:00 GMT, UK Unemployment and Claimant Counts at 09:30 GMT, EU Industrial Production at 10:00 GMT and the BoE Inflation report and Governor King's speech fall at 10:30 GMT. An Italian 10 year bond auction is also scheduled for today's European session as well.
The analysts at ICN.com note that spot is still hovering around the psychological level of 0.8000. Looking at a daily chart they note that RSI failed to breach the 50 level and Stochastics are approaching overbought territory. They maintain a bearish viewpoint. Elsewhere, European Equities are still underwater whilst commodities are broadly higher and Spanish and Italian 10 year yields are down.
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