EUR/GBP: Staying around the 11-month low

The pound remained against the euro on Thursday (December 22) at an 11-month high. Continuing worries about the euro zone’s debt crisis weighed on the euro, while a slight improvement in willingness to risk provided support for the weak against the US dollar.

The British National Bureau of Statistics announced on Thursday that the final GDP of the UK in the third quarter rose by 0.6% quarter-on-quarter and 0.5% year-on-year; the previous value was a 0.5% increase. The data has no effect on the foreign exchange market. Analysts expect a sharp slowdown in the UK economy at the end of this year and early next year.

The euro was flat at £0.8320 against the British pound and fell to £0.8306 during the day, close to the 11-month low of £0.8302 hit on Wednesday.

Dealers said that the euro fell to a level of 0.8330 pounds on Wednesday, which is of significance. The level of importance is equivalent to the pound/euro key 1.20 area. The next support level will be the 2011 low of 0.8285 pounds.

European debt market is expected to be under new pressure, approximately 230 billion euros of bank bonds, up to 300 billion euros of government bonds, and more than 200 billion euros of bond-backed securities will expire in the first quarter of 2012 .

The GBP/USD has held up most of this week’s gains in light trading in recent years. Sterling was flat at $1.5670 against the dollar, breathing slightly after two consecutive days of gains.

The British pound rose to US$1.5729 against the U.S. dollar earlier, as it was reported that there was demand in the Middle East, and the GBP/USD exchange rate rose by nearly 0.8% this week. Traders said that the option to execute at $1.5700 may affect trading. Short-term resistance is seen at $1.5780, the high level hit at the end of November.

The sterling trade-weighted index reported 81.6, close to a 9-1/2 month high of 81.7.

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