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6 Mar 2013
Forex: EUR/GBP rises after UK Halifax House Prices
The release of UK Halifax House Prices pulled the EUR/GBP to test the opening price of 0.8628, only to head higher again afterwards. The cross trades at 0.8638, as of writing.
UK house prices rose 0.5% (MoM) in February, more than the 0.2% expected, and the 3m/YoY data rose from 1.3% to 1.9%, beating the 1.7% consensus. BoE's Governor King will be speaking at 09:45 GMT.
“The bearish engulfing pattern and break of the uptrend suggests further weakness will be seen near term to 0.8566 then 0.8449/47 (50% retracement of the move seen this year and the 8th February low)”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 0.8715.
UK house prices rose 0.5% (MoM) in February, more than the 0.2% expected, and the 3m/YoY data rose from 1.3% to 1.9%, beating the 1.7% consensus. BoE's Governor King will be speaking at 09:45 GMT.
“The bearish engulfing pattern and break of the uptrend suggests further weakness will be seen near term to 0.8566 then 0.8449/47 (50% retracement of the move seen this year and the 8th February low)”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 0.8715.