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Forex: EUR/GBP returning to early rally highs

The EUR/GBP is moving stronger today due to sharp demand over the weekend that brought the cross up to 0.8768 high. The market became shy afterwards and is still consolidating the move, around 0.8745, after a slow paced rise from 0.8710 Asian session low.

UK BBA Mortgage Approvals eased from 33.6K to 32.3K in January, instead of rising to 34.2K as expected.

The preliminary release of the Italian January Trade Balance non-EU showed data going from €3.317B surplus to €-2.281B deficit. The Spanish Producer Price Index (YoY) eased from 3.3% (revised from 2.7%) to 2.6% in January.

“The EUR/GBP is approaching the double Fibonacci retracement and the October 2011 high, at 0.8780/0.8830. This together with the major divergence of the daily RSI and the TD perfection set –up on the daily chart, suggests that we will see a correction lower”, wrote Commerzbank analyst Karen Jones.

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