EUR/GBP still working its way through consolidation ahead of what should be a big move

FXstreet.com (Barcelona) - The EUR/GBP cross appears to still be in the process of retracing some of Wednesday’s big gains. The next sizable move still appears to be to the upside at this point.

EUR/GBP traders have to look to technicals for guidance with no data due out

It has been a very busy week of data for Europe and Britain – which clearly had a hand in the very choppy trading action in EUR/GBP this week. Friday is a “dark” day in terms of data, though, so traders will have to get their keys from technicals and any surprise headlines that may pop up.

Technical outlook for EUR/GBP

Technicians say the EUR/GBP cross managed to hold up (thus far) above horizontal line support at 0.8444 and is backed up by the 10/8 low of 0.8423. Resistance comes into play at the 10/11 peak at 0.8508 with major “correction resistance” at 0.8538 above that.

Oct 18, 2013

Session Recap: DC Deal and the currency ramifications still being digested in Asian session

With the huge down move in the US Dollar wreaking havoc on the various major currency pairs’ charts Thursday, the early part of Friday’s session was clearly spent digesting some of those moves. There were, though, some data points released by global growth key, China, which moved things around a bit during the session.

AUD/NZD upwards as “kiwi” devoid of momentum

The AUD/NZD is heading upwards for a second consecutive day as while RBA’s seems not to proceed with any rate cuts at least – soon - the RBNZ will be probably the first central bank among the developed countries to proceed with a rate cut.