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1 Mar 2013
Forex: EUR/GBP catapults towards 0.8671/73
The EUR/GBP has rocketed ahead nearly 60 pips during European trading Friday, as weak economic data emanated out of the United Kingdom, triggering the move. With a move above resistance, the pair is notching fresh daily maximums at 0.8671/73, up a steadfast +0.72% in these moments.
In the United Kingdom, Markit Manufacturing PMI (February) came in at 47.9, missing expectations of 51.0. In addition, Consumer Credit has reported £0.4B in January, against estimates of just £0.2B. Mortgage Approvals (January) have yielded a figure of just 54.719K, against a projected 56.5K. Finally, Net Lending to Individuals (MoM) was reported at just £0.6B, missing estimates of £1.1B.
After barreling through resistance at the 0.8655 level, the technical Analyst Team at ICN.com points to additional means of correction for the EUR/GBP at 0.8680, then 0.8700, and finally 0.8720. In a far off place, support now lies at 0.8615, followed by 0.8600, and eventually 0.8575.
In the United Kingdom, Markit Manufacturing PMI (February) came in at 47.9, missing expectations of 51.0. In addition, Consumer Credit has reported £0.4B in January, against estimates of just £0.2B. Mortgage Approvals (January) have yielded a figure of just 54.719K, against a projected 56.5K. Finally, Net Lending to Individuals (MoM) was reported at just £0.6B, missing estimates of £1.1B.
After barreling through resistance at the 0.8655 level, the technical Analyst Team at ICN.com points to additional means of correction for the EUR/GBP at 0.8680, then 0.8700, and finally 0.8720. In a far off place, support now lies at 0.8615, followed by 0.8600, and eventually 0.8575.