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17 Dec 2013
EUR/GBP raises the bar to 4-week highs at 0.8462
FXstreet.com (Chicago) - EUR/GBP extends the bullish channel that started with this month on recently published data in both the UK and Europe.
Plethora of data: Europe wins
The plethora of data released in the UK today included the CPI suite with the CPI (MoM) at 2.1% vs. expected 2.2% and a core CPI at 1.8% that matched estimates. In Europe, the CPIs had similar performances with the CPI – Core (YoY) at 0.9% vs. projections at 1%. Moreover, labor costs decreased to 1% vs. prior 1.1% and the Zew Zurvey – Economic sentiment revealed a pick-up in confidence at 68.3 vs. past 60.2.
EUR/GBP Technical Levels
Price action reveals the steady climb that started on reversal day, December 2nd, extends with an intact upward trendline and 4-week records. Long-term charts reveals trends confirming the bullish move with primary and secondary ones flowing at the unison. Offered at 0.8453, the pair navigates between the supports aligned at 0.8440 (December 13th highs), 0.8414 (November 20th highs) followed by 0.8391 (November 26th highs) and the resistances set at 0.8463 (November 14th highs), 0.8476 (November 4th highs) ahead of 0.8495 (October 14th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and oscillates above the EMA20.
Plethora of data: Europe wins
The plethora of data released in the UK today included the CPI suite with the CPI (MoM) at 2.1% vs. expected 2.2% and a core CPI at 1.8% that matched estimates. In Europe, the CPIs had similar performances with the CPI – Core (YoY) at 0.9% vs. projections at 1%. Moreover, labor costs decreased to 1% vs. prior 1.1% and the Zew Zurvey – Economic sentiment revealed a pick-up in confidence at 68.3 vs. past 60.2.
EUR/GBP Technical Levels
Price action reveals the steady climb that started on reversal day, December 2nd, extends with an intact upward trendline and 4-week records. Long-term charts reveals trends confirming the bullish move with primary and secondary ones flowing at the unison. Offered at 0.8453, the pair navigates between the supports aligned at 0.8440 (December 13th highs), 0.8414 (November 20th highs) followed by 0.8391 (November 26th highs) and the resistances set at 0.8463 (November 14th highs), 0.8476 (November 4th highs) ahead of 0.8495 (October 14th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and oscillates above the EMA20.