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Forex: EUR/GBP catapults towards 0.8671/73

The EUR/GBP has rocketed ahead nearly 60 pips during European trading Friday, as weak economic data emanated out of the United Kingdom, triggering the move. With a move above resistance, the pair is notching fresh daily maximums at 0.8671/73, up a steadfast +0.72% in these moments.

In the United Kingdom, Markit Manufacturing PMI (February) came in at 47.9, missing expectations of 51.0. In addition, Consumer Credit has reported £0.4B in January, against estimates of just £0.2B. Mortgage Approvals (January) have yielded a figure of just 54.719K, against a projected 56.5K. Finally, Net Lending to Individuals (MoM) was reported at just £0.6B, missing estimates of £1.1B.

After barreling through resistance at the 0.8655 level, the technical Analyst Team at ICN.com points to additional means of correction for the EUR/GBP at 0.8680, then 0.8700, and finally 0.8720. In a far off place, support now lies at 0.8615, followed by 0.8600, and eventually 0.8575.

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