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EUR/GBP flirting with 0.8000

FXStreet (Edinburgh) - The EUR/GBP is now back around the vicinity of the psychological mark at 0.8000 following the releases in the UK economy.

EUR/GBP bouncing off 0.7980

After briefly dipping to the area of 0.7980, the cross managed to pick up pace and regain the 0.8000 neighbourhood in the wake of a wider trade deficit in the UK during July, reaching £10.18 billion. Further data showed auspicious results from the Industrial and Manufacturing Production, up 0.5% and 0.3% inter-month, respectively. “We have a large overnight gap to .7956 which is likely to be filled. Support lies at .7892 ahead of the .7873 recent low. Failure here will target the mid-August 2012 low at .7814”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/GBP key levels

The cross is now losing 0.20% at 0.7991 with the next support at 0.7975 (21-d MA) followed by 0.7935 (low Sep.8) and then 0.7903 (low Sep.4). On the upside, a break above 0.8037 (high Sep.8) would expose 0.8074 (38.2% of 0.8400-0.7874) and finally 0.8085 (high Jun.11).

UK: Annual Industrial Production dips 1.6% in May

Year-over-year UK Industrial Production fell by 1.6% in May, following a 2.0% drop in April, National Statistics informed on Tuesday. This is a more positive result that the forecasted 2.1% decrease. UK Industrial Production rose by 1% between April 2012 and May 2012, in comparison with the 0.4% decline registered between March 2012 and April 2012 and against expectations of a 0.2% dr
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