Forex: EUR/GBP above 0.8600 (Barcelona) - With the downside blocked at 0.8575 area, the EUR/GBP found no other way but to move higher starting in early European morning. The opening of stock exchanges triggered a break above the 0.8600 mark, quickly limited around 0.8610/15.

EMU industrial production rose +0.7% in December (MoM), beating +0.2% consensus. Annualized data rebounded from -4.0% to -2.4%. The German Wholesale Price Index rose 0.3% (MoM) in January, but eased from +3.2% to +2.3% (YoY) while consensus was for +2.2%.

“Above 0.8617 risks will revert to the topside and allow for a retest of the 0.8714 recent high. This guards resistance at 0.8800/30, which is regarded as the last defence for the 0.9082 2011 high”, wrote Commerzbank analyst Karen Jones, pointing to supports at 0.8484/40 0.8338.

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