Forex: EUR/GBP unable to break 38.2% Fibonacci resistance
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EUR/GBP
FXstreet.com (Barcelona) - EURGBP ranged overnight, having repeatedly failed to break above the 38.2% Fibonacci retracement at 0.8080 from yesterdays high at 0.8113.
With little in the way of economic data during the Asia session, spot lacked the momentum to break higher and ranged between its low at classic S2 support at 0.8069 and its high at 0.8079. Spanish Retail Sales have come in better than expected at -9.7%/-11.5% ahead of EU M3 Money Supply at 09:00 GMT, US MBA Mortgage Applications at 12:00 GMT and German CPI at 13:00 GMT during the European calendar.
The research team at Danske Bank recommend going long at 0.8040 for a target of 0.8165 with a stop at 0.8040. Elsewhere, European stocks have opened higher with The DAX up 0.55%. Commodities are mixed to lower and critical Spanish and Italian yields are down and stable.
With little in the way of economic data during the Asia session, spot lacked the momentum to break higher and ranged between its low at classic S2 support at 0.8069 and its high at 0.8079. Spanish Retail Sales have come in better than expected at -9.7%/-11.5% ahead of EU M3 Money Supply at 09:00 GMT, US MBA Mortgage Applications at 12:00 GMT and German CPI at 13:00 GMT during the European calendar.
The research team at Danske Bank recommend going long at 0.8040 for a target of 0.8165 with a stop at 0.8040. Elsewhere, European stocks have opened higher with The DAX up 0.55%. Commodities are mixed to lower and critical Spanish and Italian yields are down and stable.
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