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5 Jun 2013
EUR/GBP sidelined 0.8530/60 ahead of key data
FXstreet.com (London) - In an eventful week data wise, the EUR/GBP remains in a tight range with broad focus still on the dollar crosses.
It is slightly offered this morning ahead of the final reading of the services PMIs for May, with the risks lying toward upward revisions compared to the flash readings. We also get the second reading for Q1 GDP, which is expected to remain unchanged at -0.2% Q/Q.
The pair have been facing two tough obstacles. Commerzbank tells us that the one is the top of the cloud at .8607 currently and the second is the 0.8637 April peak. Around this level they said the currency pair is likely to again lose upside momentum, however. Below the 55 day should see a slide back to the .8422 mid-May low. Support is now 0.8500 targeting the 0.8600 psychological lvl.
It is slightly offered this morning ahead of the final reading of the services PMIs for May, with the risks lying toward upward revisions compared to the flash readings. We also get the second reading for Q1 GDP, which is expected to remain unchanged at -0.2% Q/Q.
The pair have been facing two tough obstacles. Commerzbank tells us that the one is the top of the cloud at .8607 currently and the second is the 0.8637 April peak. Around this level they said the currency pair is likely to again lose upside momentum, however. Below the 55 day should see a slide back to the .8422 mid-May low. Support is now 0.8500 targeting the 0.8600 psychological lvl.