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25 Mar 2013
Forex: EUR/GBP rises on London session
FXstreet.com (Barcelona) - With gains to 0.8550 area, the EUR/GBP eased back to Friday’s close at 0.8530 ahead of the London opening. Strength was then restored and the cross extended gains to 0.8560 high, so far.
The Italian Trade Balance non-EU moved from €-2.282B deficit to €0.704M surplus in February. The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus. Earlier, the Spanish PPI eased from 2.6% to 2.1% in February.
UK BBA Mortgage Approvals eased from 32K to 30.5K in February, beating consensus of 33.6K. UK Hometrack Housing Prices came in at 0.0% in March, following a 0.1% rise in the prior month.
“We continue to believe that EUR/GBP is forming a top. Resistance is seen at the March 15 0.8603 low. Further resistance comes in at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high”, wrote Commerzbank analyst Karen Jones.
The Italian Trade Balance non-EU moved from €-2.282B deficit to €0.704M surplus in February. The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus. Earlier, the Spanish PPI eased from 2.6% to 2.1% in February.
UK BBA Mortgage Approvals eased from 32K to 30.5K in February, beating consensus of 33.6K. UK Hometrack Housing Prices came in at 0.0% in March, following a 0.1% rise in the prior month.
“We continue to believe that EUR/GBP is forming a top. Resistance is seen at the March 15 0.8603 low. Further resistance comes in at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high”, wrote Commerzbank analyst Karen Jones.