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23 Aug 2013
EUR/GBP reaches 2-week highs above 0.86 zone
FXstreet.com (Chicago) - EUR/GBP reached 0.8603 2-week highs prior to the American trading session ended. The pair finished off the week facing up after erasing earlier losses to accumulate 0.33% daily gains.
Bulls and Bears clashed
ECB’s Nowotny comments uplifted the euro that faced a bearish stampede after the release of GDP data in the UK. At 0.7%, UK’s GDP for the second quarter of the year (QoQ) beat expectations at 0.6%. The YoY results were 1.5% vs. estimates at 1.4%. The euro had spiked against the pound but weakened on economic news. Nonetheless, bulls recovered losses after struggling to get above 0.8589 resistance, now support.
EUR/GBP Technical Levels
At 0.8594, the pair navigates between supports at 0.8589 (July 27th lows), 0.8575 (August 8th lows) ahead of 0.8556 (July 4th lows) and resistances at 0.8600 (August 10th highs), 0.8622 (July 28th lows) followed by 0.8637 (July 27th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Bulls and Bears clashed
ECB’s Nowotny comments uplifted the euro that faced a bearish stampede after the release of GDP data in the UK. At 0.7%, UK’s GDP for the second quarter of the year (QoQ) beat expectations at 0.6%. The YoY results were 1.5% vs. estimates at 1.4%. The euro had spiked against the pound but weakened on economic news. Nonetheless, bulls recovered losses after struggling to get above 0.8589 resistance, now support.
EUR/GBP Technical Levels
At 0.8594, the pair navigates between supports at 0.8589 (July 27th lows), 0.8575 (August 8th lows) ahead of 0.8556 (July 4th lows) and resistances at 0.8600 (August 10th highs), 0.8622 (July 28th lows) followed by 0.8637 (July 27th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.