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31 Dec 2013
EUR/GBP in limbo between short-term support at 0.8329 and resistance at 0.8391
FXstreet.com (Barcelona) - The EUR/GBP has rallied back up off of support at 0.8329 and now looks like it may work its way higher for a test of 0.8391 resistance. Right now, it is almost squarely in the middle of the two levels.
EUR/GBP traders have to wait until Thursday for any guidance from new data
There is no data due out from Europe or Britain Tuesday. The schedule for Europe and Britain for the rest of the week includes several meaningful data points for EUR/GBP traders to digest:
• Thursday: German, European and British Manufacturing PMI data
• Friday: British Consumer Credit; British Mortgage Approvals; British Lending Data; British Construction PMI;
EuroZone CPI data.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP is trading right in between short-term support at 0.8329 and short-term resistance at 0.8391. Additional support comes into play at the 11/7 low of 0.8299. Additional resistance for the cross comes in at the 12/17 high of 0.8465.
EUR/GBP traders have to wait until Thursday for any guidance from new data
There is no data due out from Europe or Britain Tuesday. The schedule for Europe and Britain for the rest of the week includes several meaningful data points for EUR/GBP traders to digest:
• Thursday: German, European and British Manufacturing PMI data
• Friday: British Consumer Credit; British Mortgage Approvals; British Lending Data; British Construction PMI;
EuroZone CPI data.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP is trading right in between short-term support at 0.8329 and short-term resistance at 0.8391. Additional support comes into play at the 11/7 low of 0.8299. Additional resistance for the cross comes in at the 12/17 high of 0.8465.