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Forex: EUR/GBP back to 0.8550 on Osbourne comments

FXstreet.com (Barcelona) - The pair retraced 50 pips after reaching fresh session highs in the boundaries of the 0.8600 handle, after renewed strength in the sterling has been weighting on the cross. The pound found respite on Chancellor G.Osbourne’s comments on the UK Budget, resulting less dovish than previously expected.

In the meantime, the shared currency is testing fresh highs against the greenback, keeping the positive mood so far.

At the moment, the pair is up 0.48% at 0.8550 with the next resistance at 0.8595 (high Mar.18) ahead of 0.8649 (MA21d) and then 0.8653 (MA10d),
On the other hand, a breakdown of 0.8506 (low Mar.19) would clear the way to 0.8451 (50% of 0.8086-0.8815) and finally 0.8442 (low Feb.11).

Forex: GBP/USD approaching daily highs after spike to 1.5043 on UK budget

After testing the 1.5150 line, the GBP/USD began to retrace its gains ahead of the publication of the UK Budget Report. The budget deficit for 2012-13 is regarded at 7.4% of GDP. 6.8% deficit in 2013-13 and 5.4% in 2014-15. The GBP/USD has spiked to 1.5043 low but it has bounced back and is approaching the daily highs again.
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