EUR/GBP: Attempting a recovery after UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP is attempting a recovery on the back of a dismal UK GDP print, although the better-than-expected current account deficit figure is keeping the GBP bid.

    Hovers around 23.6% Fibo level

    The cross trades around 0.7360 (23.6% of 0.6931-0.7493) levels; largely unchanged after the release of the UK economic data. The better-than-expected UK current account deficit was a surprise for the markets and thus overshadowed over the downward revision of the UK Q3 GDP.

    Meanwhile, the rally in the European stocks is keeping the offered tone on the EUR intact.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7335 (Oct 7 low), under which the pair could drop to 0.7304 (Oct 196 low). On the other hand, the pair could revisit 0.74-0.7416 (previous day’s high) if it manages to sustain above 0.7360 (23.6% of 0.6931-0.7493).
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