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EUR/GBP slightly bid after German unemployment

FXstreet.com (London) - The German unemployment rate was released as headline data for today, unchanged at 6.9%, keeping the EUR/GBP slightly bid.

However, in the main, the cross has remained in a phase of consolidation while the dollar continues to dominate, relatively evenly weighted between the pair’s counterparts, although with a positive bias to the headlined pair. The majority of the market doesn’t expect the ECB to impose negative deposit rates.

The bias remains to the upside for the cross. The break out of the falling wedge pattern to the top side indicates that there could be a continuation of the overall rising daily trend with 0.8400 acting as key support. While GBP/USD seems to be a sell on rallies, with a gradual move lower, the headline pair continues to hold up more so which puts 0.8600 and 0.8637, (Aprils highs) at risk.

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