2 July 2013, 17:59  EUR/GBP is sidelined

EUR/GBP is sidelined while the dollar is stronger in the afternoon. EUR/GBP has been oscillating around the pivot while the dollar is up on average 0.44% vrs the euro and the pound since the Asian shift. The risk this week lies in BoE as Mark Carney takes to the position and this has already given an excuse to sell the pound on fears of future policy is widely expected to be sterling negative. Whilst it has been capped, Karen Jones, analyst at Commerzbank suggests that EUR/GBP remains sidelined. However, she say’s, very shortly the cloud will thin and the risk of a break out from the 0.8470-0.8597 range will increase. Following repeated tests and recovery off 0.8470, she suggests the favoured direction is still for a break higher.

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