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EUR/GBP around 0.7040 post-UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP remains within the daily range after the release of GDP figures in the UK economy, currently hovering over the 0.7040 area.

    EUR/GBP gains capped near 0.7050

    The European cross has kept the composure after UK GDP figures have matched consensus for Q3, coming in at 0.5% QoQ and 2.3% over the last twelve months. Further data saw preliminary Business Investment expanding at an annual pace of 6.6% during the third quarter.

    Ahead in the session EMU’s Economic Sentiment and Business Climate are due followed by German Consumer Sentiment tracked by Gfk (9.2 exp.).

    EUR/GBP important levels

    As of writing the cross is up 0.20% at 0.7039 with the next resistance at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7192 (100-day sma) and finally 0.7207 (200-day sma). On the other hand, a breach of 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17).
    For more information, read our latest forex news.
     

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