TenkoFX - Analytics

    TenkoFX

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    EUR/GBP off lows post-UK data

    After bottoming out in the 0.8520 area, EUR/GBP has now managed to regains some pips and return to the 0.8540/45 band.EUR/GBP down from 0.8620The European cross remains on the defensive today after UK results have come in on the strong side today. In fact, both Industrial and Manufacturing Production have surpassed estimates during May, both contracting 0.5% on a monthly basis, less than initially estimated.Ahead in the session, the ECB will publish its minutes from the last meeting, while the NIESR GDP Estimate is due across the Eurotunnel.EUR/GBP key levelsThe cross is now losing 0.55% at 0.8537 and a breakdown of 0.8508 (low Jul.6) would allow a test of 0.8383 (high Jun.27) and then 0.8097 (20-day sma). On the flip side, the initial hurdle is located at 0.8628 (2016 high Jul.6) ahead of 0.8651 (high Aug.28 2013) and then 0.8712 (high Jul.17 2013).


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