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7 Feb 2013
Forex: EUR/GBP keeps the tops after UK data
The sterling was boosted after the positive data in the UK, where the industrial and manufacturing production have contracted 1.7% and 1.5% on a yearly basis respectively, and bettering previous prints. In the same direction, the trade deficit narrowed to £8.9 billion during December from £9.3 billion in the prior month.
The pair experienced a knee jerk from highs in the area around 0.8665, although it proved to be short-lived, trading back to the region around session highs ahead of the ECB and BoE gatherings.
At the moment, the cross is up 0.30% at 0.8861 facing the next hurdle at 0.8681 (high Feb.6) followed by 0.8701 (high Feb.4) and finally 0.8717 (high Feb.1).
On the downside, a break below 0.8616 (low Feb.6) would lead to 0.8602 (MA10d) and then 0.8555 (low Feb.5).
The pair experienced a knee jerk from highs in the area around 0.8665, although it proved to be short-lived, trading back to the region around session highs ahead of the ECB and BoE gatherings.
At the moment, the cross is up 0.30% at 0.8861 facing the next hurdle at 0.8681 (high Feb.6) followed by 0.8701 (high Feb.4) and finally 0.8717 (high Feb.1).
On the downside, a break below 0.8616 (low Feb.6) would lead to 0.8602 (MA10d) and then 0.8555 (low Feb.5).