Forex Flash: to short or not to short EUR/GBP?

Forex Flash: to short or not to short EUR/GBP?

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Forex Flash: to short or not to short EUR/GBP? - Commerzbank vs. Danske Bank

FITITOL--> FXstreet.com (Barcelona) - Both banks coincide on how to trade EUR/GBP: short the cross. The Copenhagen based bank, Danske Bank, says in its daily technical report to “short at 0.8378 for 0.8067 objective, stop at 0.8228", while Commerzbank suggests to “resell 0.8170, 0.8215, stops 0.8225”.

The UK's purchasing managers index came out worse than expected, dropping to 50.5 (instead of 51.5) from 51.9. yesterday, the EMU's CPI came short of expectations at 2.6% while the M3 money supply grew more than expected, reaching YoY growth of 3.2%. Retail sales in the EMU's biggest economy, Germany, have grown MoM and YoY by 0.8% and 2.3%, respectively. At the same time, SP downgraded 16 Spanish banks, which could push a sell off on the euro.

The pair is currently trading at 0.8181, rising 0.33%.