Forex: EUR/GBP keeps on rising
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EUR/GBP
FXstreet.com (Barcelona) - After the low at 0.8391 on the London opening, the EURGBP moved higher across the board, above the 0.8400 psychological level. The upmove has been slow during the session, but it has reached 0.8328 high so far, where it quotes as of writing, up by +0.28% on the day.
UK CBI realized distributive trades survey eased from 19 to 17, but came in higher than the expected 12 in January. Earlier, BBA mortgage approvals stayed unchanged at 33.6K in December, despite expectations of 34.1K.
"The breakout above the resistance at 0.8225 confirms the validity of the medium-term bullish head and shoulders", wrote MIG Bank analyst Bijoy Kar, pointing to further medium-term rise towards the strong resistance at 0.8506 (24/02/2012 high).
UK CBI realized distributive trades survey eased from 19 to 17, but came in higher than the expected 12 in January. Earlier, BBA mortgage approvals stayed unchanged at 33.6K in December, despite expectations of 34.1K.
"The breakout above the resistance at 0.8225 confirms the validity of the medium-term bullish head and shoulders", wrote MIG Bank analyst Bijoy Kar, pointing to further medium-term rise towards the strong resistance at 0.8506 (24/02/2012 high).
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