4 Sep 2013
EUR/GBP bottoms out and bounces
FXstreet.com (Lisbon) - The EUR/GBP technical cross recently bottomed out in the 0.8447 region (session low) during European trading, following the reporting of lackluster economic data.
In the EMU, Markit Services PMI (August) was reported at 50.7, missing expectations of 51.0. Moreover, the Markit PMI Composite (August) came in at 51.5, slightly below the projected figure of 51.7.
At this juncture, the EUR/GBP is now trading at 0.8453, incurring a fall of -0.16% off its opening. Briefing the technicals, the EUR/GBP remains fortified above support at 0.8441, ahead of 0.8420, and 0.8400, notes the Mataf.net analyst team.
EUR/GBP strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/GBP maintained stability below the 200-days SMA and the main ascending trend line, and that favors further downside within the upcoming sessions. We may see an upside pullback as momentum indicators are showing strong oversold signals over the four-hour and lower time intervals.”
In the EMU, Markit Services PMI (August) was reported at 50.7, missing expectations of 51.0. Moreover, the Markit PMI Composite (August) came in at 51.5, slightly below the projected figure of 51.7.
At this juncture, the EUR/GBP is now trading at 0.8453, incurring a fall of -0.16% off its opening. Briefing the technicals, the EUR/GBP remains fortified above support at 0.8441, ahead of 0.8420, and 0.8400, notes the Mataf.net analyst team.
EUR/GBP strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/GBP maintained stability below the 200-days SMA and the main ascending trend line, and that favors further downside within the upcoming sessions. We may see an upside pullback as momentum indicators are showing strong oversold signals over the four-hour and lower time intervals.”