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EUR/GBP Flat on London open

FXstreet.com (London) - Having attempted to move lower, possibly targeting the broken resistance line of 0.8500, the EUR/GBP is sitting steadily at 0.8549 below the pivot point of 0.8557.

The pair remains some 100 pips up on last weeks quote when EUR/GBP had enjoyed a Sterling sell off. With a quiet week ahead UK data wise, the market can reflect on last week where The BoE said that Six members of the Monetary Policy Committee voted to keep quantitative easing at 375 billion pounds ($568 billion) this month. King, Miles and Fisher stuck to a campaign to increase stimulus by 25 billion pounds.

Tomorrow comes the release of German unemployment. With a previous percentage reading of 6.9%, the market expects the same figure, although there is a change expected in the number of unemployed people to increase by 1000.
The charts offer flat readings on the hourly, but indications provide bullish readings. SMA100 supports at 0.8521 with momentum in the green also.

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