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EUR/GBP pares gains to 0.8562/64

FXstreet.com (Barcelona) - The EUR/GBP pared its European gains, following the release of economic data in the United Kingdom Friday.

Presently, the cross has moved into negative territory to trade at 0.8562/64. The Mataf.net analyst team identifies the next means of supportive fortification at 0.8540, followed by 0.8516, and 0.8487. On the rise, a break above 0.8593 will foster resistive measures at 0.8622 and 0.8646.

According to the Technical Analyst Team at ICN.com, “The EUR/GBP continues to fluctuate within a tight sideways range, closing trading session higher yesterday. Overall, downside corrections should be shallow, as the overall bullish breakout scenario continues to be valid targeting 0.8635 as an initial upside target.”

In the United Kingdom, Consumer Credit (April) came in at £0.524B, against expectations of £0.4B. In addition, Mortgage Approvals were reported at 53.71K in April, vs. estimates of 54.5K. Finally, Net Lending to Individuals (MoM) yielded £1.4B, relative to a projection of £0.9B.

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