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17 Oct 2013
EUR/GBP to hold 0.8450 ahead of key support?
FXstreet.com (London) - EUR/GBP has dropped back from towards the 0.85 handle finding support at 0.8450 below the 0.8468 pivot point.
Sterling is on the war path and research teams at TD Securities noted that UK Retail sales for September were stronger than expected, with ex-fuel sales up +0.7% M/M (mkt 0.3%). Gains were broad-based with food sales down –0.2% and non-store retailing at –0.9%, but gains across all other major sectors. “This leaves retail sales just about flat over the last two month, but still up 1.5% Q/Q in Q3, their strongest quarterly gain in more than five years”. Meanwhile, the momentum has slowed in EUR/USD here on risk of a verbal push back from ECB officials while the dollar remains on the back foot across the board.
EUR/GBP Levels
The 20 DMA is 0.8431, the 50 DMA is 0.8475 and the 200 DMA is 0.8528. RSI (14) reads 59.59. Supports are ascending from 0.8333, 0.8376, 0.8401 and 0.8425. Spot is 0.8457 while resistances are 0.8478, 0.8494, 0.8510, 0.8520 and 0.8553.
Sterling is on the war path and research teams at TD Securities noted that UK Retail sales for September were stronger than expected, with ex-fuel sales up +0.7% M/M (mkt 0.3%). Gains were broad-based with food sales down –0.2% and non-store retailing at –0.9%, but gains across all other major sectors. “This leaves retail sales just about flat over the last two month, but still up 1.5% Q/Q in Q3, their strongest quarterly gain in more than five years”. Meanwhile, the momentum has slowed in EUR/USD here on risk of a verbal push back from ECB officials while the dollar remains on the back foot across the board.
EUR/GBP Levels
The 20 DMA is 0.8431, the 50 DMA is 0.8475 and the 200 DMA is 0.8528. RSI (14) reads 59.59. Supports are ascending from 0.8333, 0.8376, 0.8401 and 0.8425. Spot is 0.8457 while resistances are 0.8478, 0.8494, 0.8510, 0.8520 and 0.8553.