EUR/GBP back above 0.8500

FXstreet.com (London) - EUR/GBP had dipped beneath the descending channel signaling that there could be more to go, but I the mean time it has gathered itself above 0.8500 again.

EUR/GBP glued to the 50d ma

EUR/GBP has been trading around the 50d ma for some time, failing to break away from it either side. This week, the pound has enjoyed continued bullish data from the UK economy in the form of the labour market. Today we have a light calendar for the pair.

EUR/GBP remains defensive

“The currency pair remains on the defensive”. Said Analyst, Axel Rudolph for Commerzbank. He continued to say that rallies will find minor resistance at 0.8541/50, Tuesday and Wednesday’s highs, ahead of the 0.8560 resistance line and the 0.8597 May high. He said we should see this continue to hold the topside for a slide back to the 0.8422 mid-May low. “Failure here will leave the currency pair weighing on the downside and target the 2012-13 support line at 0.8375”.