Forex: EUR/GBP rallies to 0.8590
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EUR/GBP
FXstreet.com (Barcelona) - The EURGBP is growing strong today, benefiting from both EUR strength and GBP weakness, rallying from 0.8560 area up to 0.8590 high. The cross is currently paced at its highs, +0.26% on the day.
Ahead in the economic calendar is UK M4 Money Supply, Mortgage Approvals, Consumer Credit and Net Lending to Individuals. From the Euro side, Italy business confidence eased from 88.9 to 88.2 in January, instead of rising to 89.5 as expected. The Spanish estimated GDP for Q4 points to a quarterly -0.7 drop. The annualized figure contracted further, from -1.4 (revised from -1.6) to -1.8.
"It remains capable of further gains to key resistance, which is regarded at 0.8621, the 2009-2013 downtrend", wrote Commerzbank analyst Karen Jones, expecting that area to provoke failure.
Ahead in the economic calendar is UK M4 Money Supply, Mortgage Approvals, Consumer Credit and Net Lending to Individuals. From the Euro side, Italy business confidence eased from 88.9 to 88.2 in January, instead of rising to 89.5 as expected. The Spanish estimated GDP for Q4 points to a quarterly -0.7 drop. The annualized figure contracted further, from -1.4 (revised from -1.6) to -1.8.
"It remains capable of further gains to key resistance, which is regarded at 0.8621, the 2009-2013 downtrend", wrote Commerzbank analyst Karen Jones, expecting that area to provoke failure.
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