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Forex pairs in this Article » EUR/GBP (Barcelona) - After boosted sentiment on solid Chinese industrial production, retail sales, urban investment and lower CPI inflation, the European is reminding investors not everything is good.

The EURGBP spent the Asian session climbing the chart to 0.7987 high only to erase all gains back to 0.7975 area on Europe. Helping the Euro fall was the confirmation, by a EU official, that the decision over the ¬31.3B aid tranche to Greece will not happen on November 12. The Greek bank stability fund leader, Thomopoulos, admitted that 2013 will be a difficult year.

The UK total trade deficit narrowed from £-5.004B to £-3.972B in September, with Goods trade deficit improving more than expected from £-9.984B to £-8.368B, and the non-EU data better than expected from £-5.004B to £-3.972B. The UK data triggered a plunge to 0.7972 low.

"The market has sold off to its 50% retracement and August peak at 0.7961/63", wrote Commerzbank analyst Karen Jones, pointing to key support short term at 0.7950 May low, but favoring a break below towards 0.7913 then 0.7844, and 0.7757 (July low).
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