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EUR/GBP bounces off 0.7320, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After a failed attempt to regain the mid-0.7300s, EUR/GBP has now retreated to the area of 0.7330/35 ahead of releases in the UK and the euro area.

    EUR/GBP attention to UK, EMU data

    The European cross is advancing for the first time in the week, meandering in a tight range and coming back from session lows near 0.7320. The consolidative pattern in both the pound and the shared currency is collaborating with the scarce volatility in the cross so far, all ahead of today’s publications.

    In fact, UK’s Services PMI is due next along with the rest of the final PMIs in the euro area for the last month. However, the greenback remains poised to dominate the sentiment in light of the more relevant events across the pond.

    EUR/GBP levels to consider

    As of writing the cross is up 0.03% at 0.7336 with the next resistance at 0.7420 (high Jan.4) followed by 0.7496 (high Oct.13) and finally 0.7600 (psychological level). On the flip side, a breach of 0.7299 (61.8% Fibo of 0.7496-0.6979) would expose 0.7256 (100-day sma) and then 0.7188 (55-day sma).
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