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27 Aug 2013
EUR/GBP spikes on German IFO
FXstreet.com (Athens): After the release of boosted German IFO, EUR/GBP spiked above 0.8600 area, but soon erased its gains.
German IFO continues surfing on the waves of optimism.
German IFO announced to 107.5 in August, from 106.2 in July. While Germany's most prominent leading indicator, measuring business sentiment, increased at much higher levels, the common currency could not manage to sustain the gains. While power horse of Euro zone enjoys a set of positive and encouraging macro data, with the economy cruising along rather smoothly, the pair is congested around the 0.8600 area. Therefore, while Germany seems to be solid back in track, all eyes are on to the upcoming elections on 22 September and of course on ‘hawkish’ John Kerry.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8595, up 0.15%.The FXstreet.com Trend Index shows the pair to be slightly bullish.. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698, respectively.
German IFO continues surfing on the waves of optimism.
German IFO announced to 107.5 in August, from 106.2 in July. While Germany's most prominent leading indicator, measuring business sentiment, increased at much higher levels, the common currency could not manage to sustain the gains. While power horse of Euro zone enjoys a set of positive and encouraging macro data, with the economy cruising along rather smoothly, the pair is congested around the 0.8600 area. Therefore, while Germany seems to be solid back in track, all eyes are on to the upcoming elections on 22 September and of course on ‘hawkish’ John Kerry.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8595, up 0.15%.The FXstreet.com Trend Index shows the pair to be slightly bullish.. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698, respectively.