Forex: EUR/GBP peaks at 0.8498

FXstreet.com (Barcelona) - The EUR/GBP has been slowly rising across the chart after a first touch at 0.8460 low. The cross has reached to 0.8498 high already, two pips away from the 0.8500 psychological level. The discussion over whether the Cyprus bailout is or not a template for future situations in the Eurozone has taken over the market. Some officials say “yes” and others deny it. Despite some jittery, the EUR/GBP is holding up at its highs.

UK CBI Realized distributive trades came in at 0 in March, down from 8 and disappointing analysts aiming at 11. However, expectations for April are higher, with forecasted sales from 8% to 15% (highest since December).

UBS analysts are bearish: “There is a strong support at 0.8445 - a closing break below this would be an important bearish development”, wrote analyst Gareth Berry, pointing to resistance at 0.8561 ahead of 0.8602.