EUR/GBP down at pivot 0.8452

FXstreet.com (London) - The pair reached a high of 0.8472 in early trading of the European session and today is opening at the pivot point at 0.8452. The EUR/GBP didn’t really react as producer prices in the German economy increased 0.1% over the last twelve months, missing forecasts at 0.2% and lower than March’s 0.4%. MoM prices contracted 0.2%, below expectations at -0.1%.

The pair is at risk to the downside below 0.8500, suffering the negative pressure of the upper resistance line with selling pressures at 0.8465. German PMI comes in on Thursday and GDP and IFO for Friday. Also to watch out for are the FED minutes affecting the pair in the EUR and cable where the market has been pricing in comments with regards to ending the QE cycle. Supports are 0.8420 and 0.8395. Resistances are 0.8460 and 0.8495.