FXstreet.com (Barcelona) - In early London morning, the EUR/GBP spike-tested 0.8334, where both the 100 and 200 hourly moving averages were crossing. With support there, the pair pointed to the upside to cap at 0.8361 ahead of UK BBA mortgages.
Mortgage approvals dropped against expectations, inviting the upside to resume. At the moment of writing, the EUR/GBP is ranging around 0.8357.
Commerzbank analysts are concerned over the sidelined trading: “This is worrying, the recent break of trendline support should have been enough to signal the resumption of the down move and target the 0.8265 February low and then the 0.8221 January trough, however this lack of movement implies a possible rebound”, writes analyst Karen Jones, pointing to 0.8423 as interim peak, and key resistance at 0.8505/24.
Mortgage approvals dropped against expectations, inviting the upside to resume. At the moment of writing, the EUR/GBP is ranging around 0.8357.
Commerzbank analysts are concerned over the sidelined trading: “This is worrying, the recent break of trendline support should have been enough to signal the resumption of the down move and target the 0.8265 February low and then the 0.8221 January trough, however this lack of movement implies a possible rebound”, writes analyst Karen Jones, pointing to 0.8423 as interim peak, and key resistance at 0.8505/24.
