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8 Mar 2013
Forex: EUR/GBP spikes higher following NFP surprise
Having posted a morning high at 0.8739, EUR/GBP has steadily decline throughout the European session, posting a low at 0.8706 in the build up to today's NFPs.
However, today´s numbers shattered forecasts at 265k/160k, while US unemployment dropped to 7.7% from expectations of 7.9%. The immediate reaction saw spot shoot up to post a high at 0.8743, which has subsequently been retracted almost fully to 0.8718 where it currently trades. Hourly RSI is still within its recent midway trend at 55 but has an near term upside bias.
However, today´s numbers shattered forecasts at 265k/160k, while US unemployment dropped to 7.7% from expectations of 7.9%. The immediate reaction saw spot shoot up to post a high at 0.8743, which has subsequently been retracted almost fully to 0.8718 where it currently trades. Hourly RSI is still within its recent midway trend at 55 but has an near term upside bias.