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EUR/GBP advances further to 0.7860, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/GBP is clinching session highs near 0.7860 following an increasing selling interest around the sterling.

    EUR/GBP stronger ahead of UK data

    The European cross has quickly left behind the 0.7800 barrier, advancing to 2-week tops in the vicinity of 0.7860 backed by a continuation of the offered tone around GBP.

    GBP will remain under pressure however in light of the release of UK’s labour market figures. Prior surveys expect the Claimant Count Change to decrease by more than 9K and the jobless rate to remain at 5.1%, while Average Earnings is seen ticking a tad higher.

    EUR/GBP key levels

    The European cross is now up 0.15% at 0.7862 and a breakout of 0.7901 (high Feb.11) would expose 0.7931 (2016 high Feb.25) and then 0.8000 (psychological handle). On the flip side, the immediate support aligns at 0.7693 (38.2% Fibo of 0.7310-0.7931) followed by 0.7673 (55-day sma) and finally 0.7650 (post-ECB low Mar.10).

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