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EUR/GBP above 0.7800 ahead of UK CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is trading almost unchanged today, managing to keep the trade above the key 0.7800 barrier.

    EUR/GBP focus on UK CPI, EMU data

    The European cross is looking to extend the upside momentum sparked on Monday, meandering in a narrow range and with gains so far capped in the 0.7840 area.

    Ahead in the session UK’s CPI figures during February are due, along with German IFO and advanced manufacturing PMIs in Euroland.

    EUR/GBP key levels

    The European cross is now losing 0.02% at 0.7823 and a drop below 0.7794 (20-day sma) would expose0.7714 (55-day sma) and then 0.7620 (50% Fibo of 0.7310-0.7931). On the other hand, the next up barrier lines up at 0.7913 (high Mar.17) ahead of 0.7931 (2016 high Feb.25) and finally 0.8000 (psychological handle).
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