EUR/GBP – oscillating in a 10 pip range

FXstreet.com (London) - EUR/GBP has been a non-event throughout the European sessions this week, bar Mondays and Wednesdays moves of 100 pips. Today has been no exception, and technically there are or no indicators when it comes to watching paint dry.

But reminding ourselves, that we are not literally watching paint dry, the drivers outside of this pair have seen some action this afternoon and there is still time yet in NY ahead of profit taking before the weekend to perhaps see some activity outside of this…10…pip…range. Cable and EUR/USD has seen some aggressive drops in thinner market conditions and as a result EUR/GBP has been pretty side-lined to say the least, but looking ahead to next week there are plenty of data releases in a heavy European calendar to invite the market back into play with this pair, and perhaps it may take a lead of its own.

In the UK, CPI arrives on Tuesday, with BoE minutes the following morning, and GDP/ Retails Sales on Thursday. In Euroland, German PPI arrives early on Tuesday, PMI on Thursday and GDP and IFO for Friday. Supports are 0.8420 and 0.8395. Resistances are 0.8460 and 0.8495