- EUR/GBP extends surge, hits 7-year highs at 0.9236 before paring some gains to currently trade at 0.9230.
- The single currency remains bid following the release of better-than-expected flash Euro-zone PMI prints for August and rising expectations of a possible ECB tapering clues.
- The pair has broken major resistance at 0.9215, we see scope for further upside.
- Technical studies still bullish, we do not see major signs of reversal.
- Pound unimpressed by decrease in UK public sector net borrowing and upbeat CBI Industrial Order Expectations data.
- Focus now on UK Q2 GBP data for further impetus.
Support levels - 0.92, 0.9184 (5-DMA), 0.9076 (20-DMA)
Resistance levels - 0.9236 (session high), 0.93, 0.9325 (trendline)
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 68.8578 (Neutral), while Hourly GBP Spot Index was at -84.2561 (Bearish) at 0515 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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