Forex: EUR/GBP settling at 0.8144/47

FXstreet.com (Barcelona) - The EURGBP has traded in a rather confined 27 pip range Tuesday, oscillating between 0.8137 and 0.8164, corresponding to the pairs respective session low and high. After a recent upward movement that was capped at the 0.8153 region, the pair has rescinded the majority of its gains, settling at 0.8144/47 at the time of writing.

After an earlier tranche of economic data out of Germany and the EMU, the American session holds little surprises on the newswires for the pair for the remainder of the day. Tomorrow however, market participants will digest the duality of publications out of Germany and the UK, ranging from industrial data to trade balance statistics, beginning at 9:30 GMT Wednesday.

The technical analyst team at Mataf.net analysts cites the following resistances at 0.8158 onto 0.8177, and finally 0.8203. In the event of a break lower or prolonged pullback, the EURGBP will face supports at 0.8113 followed by 0.8087, down to 0.8068.