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Forex: EUR/GBP falls back to 0.8500

FXstreet.com (Barcelona) - As the British Pound bounces on the NY opening and the Euro extends its fall, the EUR/GBP is down to its daily lows, threatening the loss of the 0.8500 handle, down by -0.38% on the day.

US durable goods fell by -5.7% in March, instead of only -2.8% as expected. February data was revised lower, from 5.6% to 4.3%. Data excluding transportation was also disappointing, down by -1.4% (consensus of +0.5%) and downward revision from -0.7% to -1.7% in February.

Market consensus was expecting better weather in April to help the CBI realized trades to outperform yesterday’s industrial survey, rebounding after 4 declining months in a row, but the figure fell to -1 instead of rising from 0 to 7. Earlier, UK MBA Mortgage Approvals rose from 30.5K to 31.2K, as expected in March.

The German IFO survey came in lower than expected for the April report: drop from 106.7 to 104.4 in business climate (consensus of 106.2), fall from 109.9 to 107.2 in current assessment (consensus of 109.5) and drop from 103.6 to 101.6 in expectations (consensus of 103.0).

MIG Bank analysts see that key resistance at 0.8602 is still capping the upside potential: “The EUR/GBP has thus far failed to break the resistance area between 0.8602 and 0.8659. Hourly supports are at 0.8504 (19/04/2013 low) and 0.8490 (12/04/2013 low), wrote analysts Bijoy Kar and Luc Luyet.

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