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14 Aug 2013
EUR/GBP dips to lows below 0.8560
FXstreet.com (Edinburgh) -The EUR/GBP accelerated its decline to levels sub 0.8560 on Wednesday, after the BoE minutes and better employment data.
EUR/GBP focus on the labour market
The ILO jobless rate remained at 7.8% in the three months ended in July while the unemployment fell by 29.2K, bettering expectations although a tad above June’s 29.4K drop. The BoE minutes left no room for surprises, with MPC members voting 9-0 in favour of keeping both the refi rate and the Gilt purchases at 0.5% and £375 billion, respectively. The pound was boosted in the wake of the data, climbing to fresh highs against the greenback beyond 1.5500 the figure.
EUR/GBP key levels
The cross is now retreating 0.27% at 0.8561 facing the next support at 0.835 (low Aug.13) followed by 0.8511 (low Jul.4) and finally 0.8500 (psychological level). On the upside, a breakout of 0.8609 (high Aug.13) would target 0.8614 (high Aug.12) en route to 0.8619 (high Aug.9).
EUR/GBP focus on the labour market
The ILO jobless rate remained at 7.8% in the three months ended in July while the unemployment fell by 29.2K, bettering expectations although a tad above June’s 29.4K drop. The BoE minutes left no room for surprises, with MPC members voting 9-0 in favour of keeping both the refi rate and the Gilt purchases at 0.5% and £375 billion, respectively. The pound was boosted in the wake of the data, climbing to fresh highs against the greenback beyond 1.5500 the figure.
EUR/GBP key levels
The cross is now retreating 0.27% at 0.8561 facing the next support at 0.835 (low Aug.13) followed by 0.8511 (low Jul.4) and finally 0.8500 (psychological level). On the upside, a breakout of 0.8609 (high Aug.13) would target 0.8614 (high Aug.12) en route to 0.8619 (high Aug.9).