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EUR/GBP attempting break below 0.80 ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Sterling is gaining lose ground ahead of UK data release despite losses in equities, courtesy of which the EUR/GBP cross is attempting a break below 0.80 handle.

    Awaits UK construction PMI release

    The construction PMI is expected to show the pace of expansion in the activity remained largely unchanged in March. The data could trigger a move in Sterling pairs, given it has gained added importance following the sector’s strong performance in the last quarter.

    Meanwhile, positive action in the European equities is also keeping the common currency under pressure. The pair rose above 0.80 handle on Friday for the first time since November 2014.

    EUR/GBP Technical Levels

    The cross currently trades just below 0.80 handle. A break below immediate support at 0.7946 (Mar 24 high), under which prices could drop to 0.79 handle. On the other hand, a break above 0.8020 (previous day’s high) would expose hurdle at 0.8066 (Sep 2014 high).
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