Euro, meanwhile, was capped by European Central Bank President Jean-Claude Trichet's that euro zone growth is likely to be weak in the second and third quarter before staging a recovery.
Sterling traded in a tight range pivoting the key 2.00 level. Looking ahead for Public Sector net borrowing is seen at 7.4 Billion.
Tech view:
EURO is expected to be down trend for the day. With the trading range expected between 1.5780 -1.5890 levels for the day . currency has its support at 1.5760 levels and holds resistance at 1.5910 levels for the day. momentum is trending towards the downside thereby hinting the currency to be in bear run. stochastic still lies in overbought areas and expected to give a downward correction in near term.
GBP chart pattern hints a double top wherein neckline breakout is expected , taking the currency to be on downside for the day . trading range is expected between 1.9890-2.0040levels for the day. currency has its support at 1.9860 levels for the day and resistance is seen at 1.2.0050 levels for the day. momentum is hinting for the downside movement for the day
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