OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/GBP retreats back to the 0.8560 resistance

FXstreet.com (Barcelona) - The EUR/GBP has fallen hard off the 0.8598 handle after a failed attempt at the 0.8600 level during US trading.

In Germany, the Consumer Price Index (YoY) grew +1.5% in May, beating expectations of +1.3%. Moreover, the Consumer Price Index (MoM) has also climbed +0.5% in May, exceeding estimates of only +0.2%. Finally, the Harmonized Index of Consumer Prices (YoY) was reported at +1.7% in May, vs. projections of +1.4%.

“The EUR/GBP jumped towards our first target at 0.8600, where we continue to anticipate further upside targeting 0.8635 level. Holding above 0.8635 then 0.8600 keeps the short-term bullish bias favored.” notes the ICN.com Technical Analyst Team.

In these moments, the EUR/GBP is now operating at 0.8556/60, en route to a modest gain of +0.10%. The Mataf.net analyst team posits the resistive means for the EUR/GBP at 0.8563, onto 0.8572, and eventually 0.8583. Briefing some manner of a pullback, a break below the 0.8543 handle will activate support at 0.8532 and 0.8523.

US: Redbook Index rose 0.6% MoM

The Redbook index advanced 0.6% on a monthly basis in the week ended on May 19 and 2.7% YoY, against previous prints at 0.5% and 2.4%, respectively...
Read more Previous

BoC rate decision next: impact on USD/CAD

The Bank of Canada interest rate decision and statement on monetary policy come next during the American session, being the last meeting with Carney's as Governor. Market consensus points for another month on hold, keeping the overnight target rate at 1.0%.
Read more Next
Start livechat