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26 Aug 2013
EUR/GBP still congested around 0.8586 level due to London bank holiday
FXstreet.com (Athens): EUR/GBP is struggling above 0.8580 area, due to UK bank holiday and a light calendar day.
With many still on summer vacation and London markets closed for a bank holiday, it is not surprising the week is off to a quiet start. The pair is trading in a very tight range, confined in a daily range of 30 pips. On the BOE's calculation of its broad trade-weighted measure, sterling has appreciated about 3.25% here in August, which is also tantamount to a tightening impulse in monetary conditions.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8585, down 0.17%.The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698, respectively.
With many still on summer vacation and London markets closed for a bank holiday, it is not surprising the week is off to a quiet start. The pair is trading in a very tight range, confined in a daily range of 30 pips. On the BOE's calculation of its broad trade-weighted measure, sterling has appreciated about 3.25% here in August, which is also tantamount to a tightening impulse in monetary conditions.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8585, down 0.17%.The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698, respectively.