EURGBP close to nine-month high, January 14 2013


The euro reached nine-month highs against the pound in EURGBP today as expectations that the situation in the euro zone is stabilizing forced the single currency, while concerns over the perspective for growth in Great Britain influenced on sterling.

During the European morning trade, currency pair EURGBP hit the level 0.8303, the highest level for this pair since April 4 and later on it consolidated at 0.8298, adding 0.33%.

The pair EURGBP was expected to find support at 0.8276, bottom level for this session and resistance at 0.8357, peak from April 3.

The euro continued its rally, which started last Thursday after European Central Bank President Mario Draghi announced  that a continuous recovery in the euro zone economy is going to start this year.

The euro was not influenced by official data that indicated that industrial production in the region decreased with 0.3% in November, down for the third consecutive month, in comparison with expectations for a 0.1% rise.

Market sentiment over the sterling was still delicate after a recent series of weak economic data forced concerns that the economy moved back into a recession in the fourth quarter.

The euro was traded near to eleven-month highs against the greenback, with EURUSD trading at 1.3376 and was close to twenty-month highs against the weaker yen, with EURJPY reaching the level 119.48.

EURGBP / Daily
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