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Forex: EUR/GBP finds support at pivot point

By FXstreet.com,  December 28, 2012, 03:34:00 AM EDT

FXstreet.com (Barcelona) - EUR/GBP found morning support just above the daily pivot point having ranged overnight between 0.8217-8227.

The pair broke out of its overnight range to test the daily pivot point at 0.8211 and has continued to stay under mild downside pressure since the European open. This morning has see French GDP come in at 0.0% YoY Q3 against a previous reading of 0.2%, Consumer Spending MoM Nov climbed from 0.2%/0.0% whilst QoQ Q3 GDP came in at 0.1% against 0.2% previous. Spanish Retail Sales bettered expectations at -7.8%/-10.0% while ahead we have Italian PPI and a 10 year Bond Auction at 09:00 GMT followed by Greek PPI at 10:00 GMT. Danske analysts have revised their view for a buy 0.8190 with a 0.8285 objective and a stop at 0.8140.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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