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Forex: EUR/GBP still capped by 0.8475/80 after UK housing data

FXstreet.com (Barcelona) - The EUR/GBP climbed the chart yesterday based on Euro strength, but found resistance at the 0.8475/80 area. The cross remains limited to a very tight range around such resistance area, even after the publication of UK data.

UK Nationwide housing prices came in lower than expected: MoM contraction by -0.1%, instead of +0.3% consensus; YoY rise from 0.8% to 0.9%, instead of 1.2% forecast. The UK Markit manufacturing PMI is due shortly and expected to rise slightly, from 48.3 to 48.5 in April.

“It is possible that we will see a further rebound from here ahead of further losses. The base of the cloud at 0.8540, together with the 55 day ma at 0.8566 and the resistance line at 0.8576 should all act as good near term resistance”, wrote Commerzbank analyst Karen Jones, We looking for further losses to 0.8363 and .then the 0.8290 2012-2013 uptrend.

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