EUR/GBP backs off from two-month highs

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 turned lower from the two-month high of 0.7416 seen yesterday to trade around 0.7360 ahead of the UK data.

    Eyes UK data and European stocks

    The markets await the third quarter UK GDP and current account release. The GDP could turn out to be a non-event unless the figure is revised significantly higher/lower. Meanwhile, a rise in the current account deficit would underscore the worsening UK balance of payment problem.

    Apart from the data, the pair could track the action in the European stocks. At the moment, the stock markets are trading higher, and thus the EUR is under pressure.

    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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