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31 Oct 2013
EUR/GBP dropping like a stone
FXstreet.com (London) - EUR/GBP has dropped from the sideways channel and through 0.8560 to mark a fresh low for the week of 0.8487.
Research teams at RBS noted ‘Eurozone unemployment held at a record high 12.2% in September (12.0% was expected) and Eurozone October inflation fell to +0.7% y/y, lowest since November 2009. Italy's unemployment rate rose to a record 12.5% and their youth unemployment rate also set a record at 40.4%. German retail sales fell 0.4% m/m and UK GfK consumer confidence fell to -11 in October from -10, the first monthly decline in 6 months.
EUR/GBP Levels
0.8488, 0.8465, 0.8537. RSI (14) reads 73.65. Supports are ascending from 0.8443, 0.8472, 0.8490. Spot is 0.8490 while resistances are 0.8520, 0.8552, 0.8603 and 0.8651.
Research teams at RBS noted ‘Eurozone unemployment held at a record high 12.2% in September (12.0% was expected) and Eurozone October inflation fell to +0.7% y/y, lowest since November 2009. Italy's unemployment rate rose to a record 12.5% and their youth unemployment rate also set a record at 40.4%. German retail sales fell 0.4% m/m and UK GfK consumer confidence fell to -11 in October from -10, the first monthly decline in 6 months.
EUR/GBP Levels
0.8488, 0.8465, 0.8537. RSI (14) reads 73.65. Supports are ascending from 0.8443, 0.8472, 0.8490. Spot is 0.8490 while resistances are 0.8520, 0.8552, 0.8603 and 0.8651.