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15 Aug 2013
EUR/GBP dips to 0.8520 on UK data
FXstreet.com (Edinburgh) -The sterling is gaining momentunm on Thursday, dragging the EUR/GBP to fresh intraday lows after the upbeat data from the UK retail sales during July
EUR/GBP extends the decline
The cross is now retreating for the third consecutive session, trading in fresh 6-week lows in the 0.8530/20 band. The relentless improvement in the UK economy is propping up the bullish momentum of the sterling, this time with retail sales expanding at a monthly pace of 1.1% and 3.0% over the last twelve months, beating estimates at 0.6% and 2.5%, respectively. Core sales – stripping fuel – followed suit, growing 1.1% inter-month and 3.1% on a yearly basis.
EUR/GBP levels to consider
At the moment the cross is retreating 0.20% at 0.8534 facing the immediate support at 0.8547 (low Aug.15) followed by 0.8528 (low Aug.14) and then 0.8511 (low Jul.4). On the upside, a break above 0.8568 (high Aug.15) would target 0.8607 (high Aug.14) en route to 0.8612 (MA10d).
EUR/GBP extends the decline
The cross is now retreating for the third consecutive session, trading in fresh 6-week lows in the 0.8530/20 band. The relentless improvement in the UK economy is propping up the bullish momentum of the sterling, this time with retail sales expanding at a monthly pace of 1.1% and 3.0% over the last twelve months, beating estimates at 0.6% and 2.5%, respectively. Core sales – stripping fuel – followed suit, growing 1.1% inter-month and 3.1% on a yearly basis.
EUR/GBP levels to consider
At the moment the cross is retreating 0.20% at 0.8534 facing the immediate support at 0.8547 (low Aug.15) followed by 0.8528 (low Aug.14) and then 0.8511 (low Jul.4). On the upside, a break above 0.8568 (high Aug.15) would target 0.8607 (high Aug.14) en route to 0.8612 (MA10d).