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23 Sep 2013
EUR/GBP below session midpoint after German election thrust fails to take hold
FXstreet.com (Barcelona) - The German election results brought some movement, but the net result is a EUR/GBP that is just above the flat line for the session.
EUR/GBP traders will look to PMI data for guidance
Given the tepid reaction to the German election, EUR/GBP traders hoping for volatility off of which they can trade are counting on some juice out of the data flow Monday. They will get to digest manufacturing PMI from Germany and the EuroZone as well as 10 and 30-year bond auctions out of Britain.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP chart is looking more bearish on a short-term basis, but is rebounding higher on a very short-term basis. Resistance for the cross comes in at today’s high of 0.8462 and then at the key level of 0.8520 – the 8/19 close. Support comes into play at Wednesday’s low of 0.8352 – although technicians have a downside target range that reaches as far down as 0.8299.
EUR/GBP traders will look to PMI data for guidance
Given the tepid reaction to the German election, EUR/GBP traders hoping for volatility off of which they can trade are counting on some juice out of the data flow Monday. They will get to digest manufacturing PMI from Germany and the EuroZone as well as 10 and 30-year bond auctions out of Britain.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP chart is looking more bearish on a short-term basis, but is rebounding higher on a very short-term basis. Resistance for the cross comes in at today’s high of 0.8462 and then at the key level of 0.8520 – the 8/19 close. Support comes into play at Wednesday’s low of 0.8352 – although technicians have a downside target range that reaches as far down as 0.8299.