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Forex: EUR/GBP testing 0.8500 after EMU Sentix

FXstreet.com (Barcelona) - The EUR/GBP shot up sharply Monday during European trading, achieving an early high of 0.8507, before moving back slightly below this figure following the publication of economic data in the EMU. At the time of writing, the cross is testing the 0.8500 level, notching an advance of +0.26% above its opening.

Briefing the technicals, the EUR/GBP is slated to encounter calculated resistance at 0.8500, followed by 0.8535, and finally 0.8552. By extension, a move lower will open up supports at 0.8448, then 0.8430, and ultimately 0.8396, notes the Mataf.net analyst team.

According to the ICN.com analyst team, “The EUR/GBP fluctuated heavily on Friday, however failed to hold above 0.8500 level; where so long as 0.8500 is holding the downside bias will remain more likely. A break above 0.8500 could clear the way to 0.8600 areas again.”

In the EMU, Sentix Investor Confidence (April) came in at -17.3, missing estimates which called for a figure of only -13.1.

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