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Forex pairs in this Article » EUR/GBP (Barcelona) - Having spiked late last night upon the Asia open, EURGBP has since retraced to find support at the hourly 50 MA throughout the overnight session.

With EU and IMF officials agreeing to reduce the Greek Debt/GDP ration to 124% by 2020, spot made a high since October 24th at 0.8113 before declining back to support at the 50 MA. Spot is currently trading at 0.8097, just above the daily pivot point at 0.8095 and looks to be under a touch of pressure from 0.8100 above. Calendar wise, today's European session looks relatively quiet. This morning has seen German Import Price Index numbers come in mixed and French Consumer Confidence beat expectations at 84/83. Ahead, we have a Spanish short term paper auction and Italian Wage Inflation at 09;00 GMT. However, the headline event is UK GDP at 09:30 GMT.

The Danske research team recommend going long at 0.8040 for a 0.8165 objective with a stop at 0.8040. Elsewhere, European stocks have followed Asia's example and opened higher with commodities broadly in line and critical Spanish and Italian yields down and stable.
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