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Forex: EUR/GBP slides down on EMU and UK data

FXstreet.com (Barcelona) - The EUR/GBP gave up its sideway trading ways as the London opening was nearby and the cross fell from 0.8450. Data in Europe triggered more downside, to 0.8420. There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.

UK Index of Services fell -0.2% in January, as expected, following a -0.1% drop in the previous month. The EUR/GBP seems to be sliding further down, already below 0.8420.

“We continue to believe that EUR/GBP is forming a top and we will need a close below 0.8448 to confirm. Resistance is seen at the March 15 0.8603 low”, wrote Commerzbank analyst Karen Jones, pointing to further resistance at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high. “While below here, immediate downside pressure should be maintained”, she added.

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