Eurozone First Growth In A Year!
TFI Markets | Aug 15, 2013 05:53AM ET
Finally the Eurozone after a year of negative GDP growth figures has seen some positive growth for the latest quarter. In particular the flash GDP growth for the previous quarter was out 0.3% beating the estimates and previous figures. Nevertheless EURUSD is trading almost unchanged for the day at 1.3260. The gains are limited due to a strengthening greenback as a result of rising US yields. The GBP is lifted today as a result of better than expected claimant count change in unemployment and no surprises from the Bank of England. GBPUSD up 0.40% at 1.5510 currently.
Trade Idea
EURGBP Daily Chart:
The pair is trading near the significant ascending support line as clearly illustrated. A rebound at this level is possible, nevertheless a clear break and close below it will open the way for more losses in short-medium term.
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