Forex: EUR/GBP testing support at 0.7972 (Barcelona) - The EUR/GBP has had an active morning during European trading Tuesday as it has spiked and fluctuated wildly in throughout the session. Most recently, the publication of German and EMU data has caused a slight rebound in the exchange rate off of an intraday minimum of 0.7968. At the time of writing the pair has settled at 0.7971/73, suffering from a -0.40% loss on the day.

In Germany, the ZEW Survey – Economic Sentiment was reported at -15.7 in November, badly exceeding estimates of only -7.0. Moreover the ZEW Survey – Current Situation yielded a figure of 5.4 in November, which also missed expectations of 5.8. Finally, in the EMU, the ZEW Survey – Economic Sentiment gave a result of -2.6 in November, relative to -1.4 in October.

Having already breached calculated support at 0.7987, analysts have determined the pair will encounter additional means of support at 0.7972, followed by 0.7955. On the ascension, a prolonged thrust above the 0.8019 mark will initiate corrective resistance at 0.8036 and 0.8051.