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EUR/GBP bounces off 0.7350, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is now posting marginal gains vs. the sterling, lifting EUR/GBP to the 0.7360/65 band ahead of the opening bell in Euroland.

    EUR/GBP focus on EMU data

    The cross continues to meander in a narrow range between 0.7350 and the low-0.7400s today, looking to stabilize after yesterday’s significant correction lower of the shared currency.

    In the data space, UK’s Construction PMI is due across the Channel, while German labour market results and the preliminary inflation figures in the euro area will take centre stage in the euro area.

    EUR/GBP levels to consider

    As of writing the cross is up 0.10% at 0.7362 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 0.7257 (100-day sma) and then 0.7189 (55-day sma).
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