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20 Jun 2013
EUR/GBP operating near session lows
FXstreet.com (New York) - The EUR/GBP technical cross collapsed below support Thursday, having destabilized towards session lows during European trading.
Earlier today in the United Kingdom, Retail Sales (YoY) climbed +1.9% in May, beating estimates of only +0.2%. Moreover, the Retail Sales ex-Fuel (YoY) netted a gain +2.1%, vs. projections calling for +0.5%.
EUR/GBP needs to regain the 0.8600 barrier to extend upside
According to the ICN.com Technical Analyst Team, “The EUR/GBP pair is hesitating around the neckline for the inverted head and shoulders pattern since yesterday. A break and stabilization above the neckline, and preferably the 0.8600 level confirms further upside and a potential retest of the latest highs around 0.8800.”
At the time of writing, the EUR/GBP technical cross is trading near session lows at 0.8532. Following an earlier drop below support at 0.8556, the Mataf.net analyst team posits the pair will face calculated support at 0.8525, then 0.8505. On the ascension, a break above the 0.8604 handle will initiate resistance at 0.8621 and 0.8652.
Earlier today in the United Kingdom, Retail Sales (YoY) climbed +1.9% in May, beating estimates of only +0.2%. Moreover, the Retail Sales ex-Fuel (YoY) netted a gain +2.1%, vs. projections calling for +0.5%.
EUR/GBP needs to regain the 0.8600 barrier to extend upside
According to the ICN.com Technical Analyst Team, “The EUR/GBP pair is hesitating around the neckline for the inverted head and shoulders pattern since yesterday. A break and stabilization above the neckline, and preferably the 0.8600 level confirms further upside and a potential retest of the latest highs around 0.8800.”
At the time of writing, the EUR/GBP technical cross is trading near session lows at 0.8532. Following an earlier drop below support at 0.8556, the Mataf.net analyst team posits the pair will face calculated support at 0.8525, then 0.8505. On the ascension, a break above the 0.8604 handle will initiate resistance at 0.8621 and 0.8652.