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20 Feb 2013
Forex: EUR/GBP retraces from highs, around 0.8743
The pair is cashing up part of the recent gains, retracing ground after today’s tops in the boundaries of 0.8770
The dovish tone from the BoE minutes plus a higher unemployment rate in the UK have intensified the bearish sentiment surrounding the sterling, dragging it to sub 1.5300 levels against the greenback. Although the euro lost the 1.3400 handle vs. the US dollar, its resilience to drop further is helping EUR/GPB to keep the area around 0.8750
At the moment, the pair is advancing 0.72% at 0.8743 facing the next hurdle at 0.8831 (high Oct.28) en route to 0.8843 (high Sep.28) and then 0.8855 (high Sep.1).
On the flip side, a breach of 0.8677 (hourly lows Feb.20) would aim for 0.8609 (MA10d) and finally 0.8587 (MA21d).
The dovish tone from the BoE minutes plus a higher unemployment rate in the UK have intensified the bearish sentiment surrounding the sterling, dragging it to sub 1.5300 levels against the greenback. Although the euro lost the 1.3400 handle vs. the US dollar, its resilience to drop further is helping EUR/GPB to keep the area around 0.8750
At the moment, the pair is advancing 0.72% at 0.8743 facing the next hurdle at 0.8831 (high Oct.28) en route to 0.8843 (high Sep.28) and then 0.8855 (high Sep.1).
On the flip side, a breach of 0.8677 (hourly lows Feb.20) would aim for 0.8609 (MA10d) and finally 0.8587 (MA21d).