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2 Aug 2013
EUR/GBP clinging to 0.8700
FXstreet.com (London) - EUR/GBP has been offered throughout the day making a low of 0.8688, but is currently holding in above 0.8700.
EUR/GBP has been subject to all three of the FOMC, BoE and the ECB, and has been kept in check by the release of US NFP this afternoon. We have see a broad based dollar sell off as numbers came in disappointing against expectations, catching the market out by surprise. Non Farm Payrolls fell to just 162k jobs last month, and revisions were made lower by 26k jobs that were knocked off from the previous month. The number came in below expectations of 184k and previous 194k. While the ECB has taken a pause, and with the Bank of England leaving policy unchanged we’re now left to wait until next week’s BoE quarterly inflation report (Wednesday) in which Carney will give his first press conference since taking office in July.
EUR/GBP sideways bias and levels
EUR/GBP is now printing below the pivot of 0.8728 but remains in positive territory. The pair is remaining in the region of the 0.8710 2008-2013 resistance line which is key and should the market close around here, on the open for next week, traders may continue to target 0.8793/0.8814 highs of this year before psychological 0.9000 and 2011 highs at 0.9082. Supports are ascending from 0.8606, 0.8622, 0.8645, 0.8675/88 and Sport is currently 0.8705. Resistances are 0.8730, 0.8770, 0.8793, 0.8814 and 0.8831.
EUR/GBP has been subject to all three of the FOMC, BoE and the ECB, and has been kept in check by the release of US NFP this afternoon. We have see a broad based dollar sell off as numbers came in disappointing against expectations, catching the market out by surprise. Non Farm Payrolls fell to just 162k jobs last month, and revisions were made lower by 26k jobs that were knocked off from the previous month. The number came in below expectations of 184k and previous 194k. While the ECB has taken a pause, and with the Bank of England leaving policy unchanged we’re now left to wait until next week’s BoE quarterly inflation report (Wednesday) in which Carney will give his first press conference since taking office in July.
EUR/GBP sideways bias and levels
EUR/GBP is now printing below the pivot of 0.8728 but remains in positive territory. The pair is remaining in the region of the 0.8710 2008-2013 resistance line which is key and should the market close around here, on the open for next week, traders may continue to target 0.8793/0.8814 highs of this year before psychological 0.9000 and 2011 highs at 0.9082. Supports are ascending from 0.8606, 0.8622, 0.8645, 0.8675/88 and Sport is currently 0.8705. Resistances are 0.8730, 0.8770, 0.8793, 0.8814 and 0.8831.