1 Jul 2013
EUR/GBP opened London at Pivot Point
FXstreet.com (London) - EUR/GBP traded to the top of the sideways channel again last week, falling short of 0.8600 and resumes the pivot.
Countries in the EZ will publish the PMI results and the EMU will publish preliminary inflation figures and the unemployment rate. It is worth noting, that Mark Carney will become the new BoE governor this morning. In the UK, Markit Manufacturing PMI (Jun) will be in focus along with Consumer Credit (May), Mortgage Approvals, and Net Lending to Individuals (MoM).
EUR/GBP technicals are bearish
Saeed Amen, strategist at Nomura, said the technical for next week are bearish and ranging. “RSI has risen, suggesting upward momentum.” With bandwidth remaining so low, he expects range-bound trading rather than a large breakout. Hence, his target is close at 0.8600. He would expect a short-term top around that level and a move lower from there.
Countries in the EZ will publish the PMI results and the EMU will publish preliminary inflation figures and the unemployment rate. It is worth noting, that Mark Carney will become the new BoE governor this morning. In the UK, Markit Manufacturing PMI (Jun) will be in focus along with Consumer Credit (May), Mortgage Approvals, and Net Lending to Individuals (MoM).
EUR/GBP technicals are bearish
Saeed Amen, strategist at Nomura, said the technical for next week are bearish and ranging. “RSI has risen, suggesting upward momentum.” With bandwidth remaining so low, he expects range-bound trading rather than a large breakout. Hence, his target is close at 0.8600. He would expect a short-term top around that level and a move lower from there.