Forex: EUR/GBP down after Sentix index


05/06/2012 22:52 AST  NASDAQ

The pair is grinding lower on Monday, after the Sentix Investor Confidence index fell to -28.9 in June, vs. market expectations of -29.0, and down from -24.5 in the previous print.

The euro remained indifferent to the release and the sterling just followed suit, both advancing against the greenback so far in the 1.2420 and 1.2370 region respectively.

This week both the ECB and the BoE will hold their monetary policy meetings. Traders remain cautious as economic conditions in the euro bloc have worsened as of late, adding extra pressure to M.Draghi regarding the lending benchmark, actually at 1.0%. On the other hand, markets are not expecting any modifications in the UK cash rate, although doubts regarding further easing in the UK economy have started to swell.

At the moment, EUR/GBP is losing just 0.03% at 0.8084, with the next support at 0.8024 (MA21d) ahead of 0.8021 (MA10d) then 0.7971 (low May 30) and 0.7951 (2012 low May.16). On the upside, a break above 0.8102 (high May 22) would open the door to 0.8103 (MA21d) then 0.8139 (high May 4) and 0.8143 (high May 3).

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