Wed, Feb 22 2012, 11:45 GMT | FXstreet.com FXstreet.com (Barcelona) - The EUR/GBP breached above 0.8400 level ahead of German and EMU PMI, which turned out to decline against expectations. However, the BoE minutes let the market know about members Miles and Posen dovishness, wanting a £75bn increase in QE instead of the decided £50bn. This news weakened the Pound Sterling, which in the case of the EUR/GBP means strength of the pair.
Printed on London session, 0.8433 is currently the 2012 high. The cross is now quoting around 0.8421.
The upside momentum could tempt the market to test the 100-day MA, currently at 0.8476, before targeting 0.8500 psychological level. On the downside, Dec-29 high, at 0.8421, might hold the pair. After that, support could be found at 0.8400 sentiment level and 0.8378, yesterday’s low.
Trend Index [?]OB/OS Index [?]Data updated on Feb 22 a 16:00 GMT (15-minute timeframe) View tech. studies EUR/GBP
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