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Forex: EUR/GBP rallies towards 0.8700

While the EUR/USD is back at strength after a quick return to 1.3586 and is extending gains higher (currently at 1.3682), the GBP/USD nose dived to 1.5737 low. Both together mean a tremendously strong EUR/GBP taking over the market by +1.48% on the day, currently at 0.8696 high.

UK manufacturing PMI by Markit. Data dropped from 51.2 (revised from 51.4) to 50.8 (consensus of 51.0). EMU Markit manufacturing PMI rose from 46.1 to 47.8 (consensus of 47.4).

“The strong resistance area between 0.8506 (24/02/2012 high) and the high of the long-term declining trendline (linking the January 2009 peak with the one on July 2011) and the general overbought conditions suggest a limited medium-term upside potential”, wrote MIG Bank analyst Bijoy Kar.

Forex: EUR/USD bounces from 1.3586 low to 1.3650 zone

The market felt compelled to touch Wednesday's low, at 1.3586, after the US NFP data, before bouncing back as the stronger than expected US ISM manufacturing PMI rose from 50.7 to 53.1 in January.
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WTI trading at $97.74/bbl

The near-term price action in crude oil is expected to remain in a consolidative mode between the 97.82 and 98.00 levels, as a pullback from a fresh high at 98.22 found ground at 97.00/96.90 (previous highs and 50% of 95.47/98.22 upleg).
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