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EURGBP

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European session – Dollar rallies and pound gains on strong manufacturing surveys

Posted on January 3, 2017 at 3:54 pm GMT

The US dollar continued its upward march, scaling new highs following the release of a very bullish manufacturing survey for December.  The much awaited ISM manufacturing PMI came in better-than-expected at 54.7 compared to the previous month’s 53.2 reading and analyst forecasts of a 53.6 print.  What was especially noteworthy however was the big jump in the prices paid component, as the sub-index rose to 65.5 from 54.5.  Obviously such a big move seems to confirm worries about future inflation [..]

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Technical Analysis – EURGBP in renewed attempt to break above 50-DMA

Posted on December 30, 2016 at 8:04 am GMT

EURGBP has fallen about 10% from its post-Brexit high of 0.9260 to December’s 5-month low of 0.8304. The slide has pushed the pair below the 50-day moving average and has threatened to end the year-long rally. Prices have reversed higher since touching the December low but the rebound has been weak. The near-term bias is positive as the RSI has climbed back above 50 and is rising. The current upside momentum briefly drove prices to a 1½-month high of 0.8669 [..]

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European Session – US dollar pressured ahead of Fed; retail sales miss

Posted on December 14, 2016 at 3:25 pm GMT

The US dollar was under some pressure during most of Wednesday’s European session, in anticipation of an expected Federal Reserve rate hike later during the US session. The euro was relatively buoyant at 1.0645 versus the greenback, while dollar / yen dipped below 115 yen at 114.89.  Stronger still was sterling, as cable climbed to breach 1.27 once more.  The euro was unaffected by disappointing industrial production numbers, as output contracted by -0.1% month-on-month in October compared to expected growth [..]

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Technical Analysis – EURGBP looking bearish below cloud

Posted on December 8, 2016 at 9:53 am GMT

EURGBP has rallied 3% from the 4½-month low of 0.8304 it set on Monday, but despite the gains, the pair remain significantly below the Ichimoku cloud. Prices moved below the cloud and below the 50-day moving average in November, and the Tenkan-sen and Kijun-sen lines are negatively aligned, indicating a bearish bias in the near-term. RSI also points to negative momentum as it remains below 50 (although it has recovered from oversold levels). If prices resume their downtrend, immediate support [..]

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Technical Analysis – EURGBP turns bearish after 3 days of decline

Posted on November 11, 2016 at 9:04 am GMT

The neutral bias that the EURGBP pair held recently has now shifted to a more bearish one after prices broke out of a one-month range of 0.8880 and 0.9050. Prices fell sharply on Wednesday, with key 0.8880 support giving way. This lead to an acceleration in the decline and EURGBP has fallen for a third consecutive day today. RSI is below 50 in bearish territory and is still trending lower. This indicates the probability of a further decline in prices. [..]

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Technical Analysis – EURGBP falls to key support but remains in range

Posted on November 4, 2016 at 8:33 am GMT

EURGBP saw strong selling pressure on Thursday as the recent 2-week rally lost steam and prices reversed back down from the 0.9048 high. RSI has turned down which also highlights the loss in the market’s upside momentum. The pair has reached a critical support area now and it maintains its trading range between important support at 0.8880 and resistance at 0.9050. EURGBP therefore is neutral for now but looking at the market structure since the end of August, the pair [..]

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