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23 May 2013
EUR/GBP continues to trade positively at 0.8555/56 after UK GDP
FXstreet.com (Barcelona) - The EUR/GBP has edged higher slightly during European trading, receiving a slight impetus from the recent economic data out of the UK.
In the United Kingdom, Gross Domestic Product (QoQ) grew +0.3% in Q1, matching expectations of +0.3%. Moreover, Gross Domestic Product (YoY) has yielded +0.6% in Q1, in line with estimates calling for a growth of +0.6%.
At the time of writing, the EUR/GBP has is trading positively at the 0.8555/56 region, mounting an advance of +0.12% Thursday. Mataf.net analysts point to resistive means for the EUR/GBP at 0.8579, onto 0.8621, and ultimately 0.8651. Conversely, a break below the 0.8507 mark will initiate short-term supports at 0.8477 and 0.8435.
According to the ICN.com Technical Analyst Team, “The EURGBP pair retreats slightly with the start of the session, where a retest of the broken resistance of the wedge pattern and 0.8500 level could provide another opportunity to the upside. Overall, we remain bullish targeting 0.8600 and 0.8635 levels.”
In the United Kingdom, Gross Domestic Product (QoQ) grew +0.3% in Q1, matching expectations of +0.3%. Moreover, Gross Domestic Product (YoY) has yielded +0.6% in Q1, in line with estimates calling for a growth of +0.6%.
At the time of writing, the EUR/GBP has is trading positively at the 0.8555/56 region, mounting an advance of +0.12% Thursday. Mataf.net analysts point to resistive means for the EUR/GBP at 0.8579, onto 0.8621, and ultimately 0.8651. Conversely, a break below the 0.8507 mark will initiate short-term supports at 0.8477 and 0.8435.
According to the ICN.com Technical Analyst Team, “The EURGBP pair retreats slightly with the start of the session, where a retest of the broken resistance of the wedge pattern and 0.8500 level could provide another opportunity to the upside. Overall, we remain bullish targeting 0.8600 and 0.8635 levels.”