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UK Data Lifts GBP but EUR/GBP Remains Above Key 10-dma

EURGBP
MNI (London)
  • Release of better than forecast UK employment data has provided some relief for GBP, which had been trading with a mild bearish feel.
  • EUR/GBP remained above its key 10-dma at Monday's close and seen negating the recent bearish tone, which had seen the cross post a YTD low of Gbp0.8533(Mar18), trading up to a high of Gbp0.8628 Monday.
  • Rate closed Monday around Gbp0.8605 but had edged back to Gbp0.8626 through Asia and ahead of the data release.
  • Date react has seen rate ease off to Gbp0.8612 but so far holds off the early low of Gbp0.8605. Break here to expose support between Gbp0.8590/75, the area seen protecting a deeper move to Gbp0.8555/50.
  • A break and close back below the 10-dma now seen needed to negate the current recovery tone. (current level 10-dma Gbp0.8579)
  • Resistance Gbp0.8622/28, Gbp0.8640 ahead of Gbp0.8665/68(top of 1.0% 10-dma envelope/Mar03 high).
  • MNI Techs: EURGBP is firmer and pulling away from last week's lows. Gains are considered corrective and the outlook remains bearish. Trend signals still a downtrend and attention is on 0.8533, Mar 18 low and the bear trigger. A clear break would resume the trend and expose 0.8488, a volatility based support area. Firm resistance is at 0.8731, Feb 26 high. A break would signal a S/T reversal and open 0.8797, Feb 9 high. Initial resistance is 0.8640.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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