Not good so far is it? I can’t see the Italians pulling a rabbit out the hat.

The market has taken the bad data on the chin and is down testing the 1.2900 level.

EUR/GBP could take a further knock if the UK unemployment figures come out on the good side. This will knock the pair firmly back into the 0.8400/8500 range.

Look for the 0.8430 level as the big support level with 0.8463 a smaller one on the way down.

eurgbph4 15 05 2013