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14 May 2013
Forex: EUR/GBP through 0.8500 the figure resistance
FXstreet.com (London) - The EURGBP had ticked higher through 0.8500 figure and resistance.
This has been sighted as a breakout area and may confirm further upside. The move through came after a release in the ZEW German investor sentiment reading that actually came in lower than forecasted, but none the less, the euro has edged higher across the board and one cant always bet that these numbers will correlate perfectly with price action, and divergence is something to take note of. This number came in at 36.4, against expectations of 38.3. For EUR/GBP to close above 0.8500, it will may to break a falling wedge patter and the channel seen on the daily chart formation, and this could attract the bulls and those on the side-lines to push higher. Resistance may come in at 0.8530 and 60 now that the figure has given way. Pivot 0.8469 offers support below 0.8480.
This has been sighted as a breakout area and may confirm further upside. The move through came after a release in the ZEW German investor sentiment reading that actually came in lower than forecasted, but none the less, the euro has edged higher across the board and one cant always bet that these numbers will correlate perfectly with price action, and divergence is something to take note of. This number came in at 36.4, against expectations of 38.3. For EUR/GBP to close above 0.8500, it will may to break a falling wedge patter and the channel seen on the daily chart formation, and this could attract the bulls and those on the side-lines to push higher. Resistance may come in at 0.8530 and 60 now that the figure has given way. Pivot 0.8469 offers support below 0.8480.