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22 Mar 2013
Forex: EUR/GBP back to 0.8500 ground
FXstreet.com (Barcelona) - From 0.8485 low, the EUR/GBP retraced its losses on the London opening and went as high as 0.8512 despite the German IFO survey that disappointed investors.
Instead of a slight improvement, the March IFO survey for Germany fell in all counts: business cli-mate dropped from 107.4 to 106.7; current assessment eased from 110.2 to 109.9; expectations fell from 104.6 to 103.6. The market will remain attentive to headlines coming from Cyprus.
On the UK side, the economic calendar is empty ahead of the weekend. On Monday, the government will sell 10-year and 30-year gilts.
“Resistance is seen at Friday’s 0.8603 low. Further resistance comes in at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high”, wrote Commerzbank analyst Karen Jones, pointing to immediate downside pressure while below here.
Instead of a slight improvement, the March IFO survey for Germany fell in all counts: business cli-mate dropped from 107.4 to 106.7; current assessment eased from 110.2 to 109.9; expectations fell from 104.6 to 103.6. The market will remain attentive to headlines coming from Cyprus.
On the UK side, the economic calendar is empty ahead of the weekend. On Monday, the government will sell 10-year and 30-year gilts.
“Resistance is seen at Friday’s 0.8603 low. Further resistance comes in at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high”, wrote Commerzbank analyst Karen Jones, pointing to immediate downside pressure while below here.