EUR/GBP advances beyond 0.7800 ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The risk-off trade seems to be back to the global markets at the end of the Asian session on Wednesday, with EUR/GBP testing highs above the 0.7800 handle.

    EUR/GBP focus on UK releases

    The cross is flirting with 3-day peaks in the 0.7820 area ahead of the European open today, backed by a solid performance of the shared currency during overnight trading.

    Running on the opposite direction, GBP remains sidelined in light of the upcoming UK labour market figures. Prior surveys see the Claimant Count Change decreasing by 3.0K during January, while the jobless rate is expected to tick lower to 5.0%.

    EUR/GBP key levels

    The European cross is now up 0.26% at 0.7815 facing the next hurdle at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7682 (20-day sma) would aim for 0.77640 (2-month uptrend) and finally 0.7523 (low Feb.3).
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