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Forex: EUR/GBP plunges to 0.8463 on surprising UK GDP Q1

FXstreet.com (Barcelona) - The EUR/GBP retested the 0.8508 early low just ahead of the London opening. Expectations of whether the UK avoided the “triple-dip” recession tag or not were able to fully retrace daily losses back to 0.8520 and to continue the upside to 0.8533 high. The publication of higher than expected UK GDP Q1 data triggered a plunge to 0.8463 low.

The preliminary release of UK GDP Q1 shows a surprising 0.3% quarterly rise, beating the 0.1% consensus, while the annualized figure rose from 0.2% to 0.6%, beating 0.3% expectations.

The Spanish unemployment survey indicates a rise from 26.02% to 27.16% in Q1 2013, higher than the 26.50% consensus.

Before the tumble, Commerzbank analyst Karen Jones had written: “This (0.8500) is now exposed and failure here will add weight to the idea that the market has topped and trigger losses to the base of the cloud at 0.8460”, but also added that “further slippage to .8363 and .8241 be allowed for, these are the 61.8% and 78.6% retracements of the moves seen this year”.

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