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7 Mar 2013
Forex: EUR/GBP eases to 0.8647/48 after BoE
After briefly touching the 0.8700 level (intraday maximum) for the first time since February, the EUR/GBP has fallen nearly 45 pips on the heels of the BoE announcements. In these moments the pair has settled at 0.8647/48, still trading positively up +0.13%.
In the United Kingdom, the BoE Asset Purchase Facility has reported a figure of £375B, which matches a consensus figure. In addition, the BoE left rates unchanged, opting to continue its course of a 0.5% interest rate.
“The EUR/GBP is trading above Linear Regression Indicators as well as above the Exponential Moving Average 50. However, the cross is operating below the bullish channel's support, while the stochastic is also negative, conflicting with LRIs therefore, we prefer to stand neutral for today.” writes the ICN.com analyst team.
Mataf.net analysts point to resistances at 0.8679, followed by 0.8697, and eventually 0.8727. Conversely, a movement lower and consequent paring of todays gains will result in the testing of supportive measures at 0.8631, then 0.8601, and finally 0.8583.
In the United Kingdom, the BoE Asset Purchase Facility has reported a figure of £375B, which matches a consensus figure. In addition, the BoE left rates unchanged, opting to continue its course of a 0.5% interest rate.
“The EUR/GBP is trading above Linear Regression Indicators as well as above the Exponential Moving Average 50. However, the cross is operating below the bullish channel's support, while the stochastic is also negative, conflicting with LRIs therefore, we prefer to stand neutral for today.” writes the ICN.com analyst team.
Mataf.net analysts point to resistances at 0.8679, followed by 0.8697, and eventually 0.8727. Conversely, a movement lower and consequent paring of todays gains will result in the testing of supportive measures at 0.8631, then 0.8601, and finally 0.8583.