Forex: EUR/GBP higher after German data
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EUR/GBP
FXstreet.com (Barcelona) - Since the Asian session that the EURGBP has been testing support at 0.8060, and from 0.8074 at the London opening, the cross came down again to 0.8060 ahead of the Sentix Investor Confidence in the Eurozone. Data improved to -22.2 in October, less than the -20.8 consensus.
The EURGBP is seen bouncing back to the session highs, 0.8074, ahead of the daily high at 0.8078. The economic calendar is now closed after the release of the German Industrial Production, down by -0.5% (MoM) in August, but not as low as the expected -0.8%. The annualized figure rose from -1.4% to -0.8%, against declining consensus to -1.5%.
"EURGBP last week saw a strong rebound from a triumvirate of support on the daily chart which converged 0.7935/23 (location of the short term uptrend, Fibonacci support and the 55 day ma)", wrote Commerzbank analyst Karen Jones, expecting the rally to fail initially at 0.8084/90 downtrends.
The EURGBP is seen bouncing back to the session highs, 0.8074, ahead of the daily high at 0.8078. The economic calendar is now closed after the release of the German Industrial Production, down by -0.5% (MoM) in August, but not as low as the expected -0.8%. The annualized figure rose from -1.4% to -0.8%, against declining consensus to -1.5%.
"EURGBP last week saw a strong rebound from a triumvirate of support on the daily chart which converged 0.7935/23 (location of the short term uptrend, Fibonacci support and the 55 day ma)", wrote Commerzbank analyst Karen Jones, expecting the rally to fail initially at 0.8084/90 downtrends.
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