EUR/GBP bounces off 0.7800, EMU’s GDP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The prevailing risk aversion has given another lift to EUR/GBP, although the upside momentum run out of legs in the boundaries of 0.7900 the figure in early trade.

    EUR/GBP focus on data

    The cross is advancing for the third week in a row so far, bolstered by a solid pace of the single currency amidst a prevailing risk-off atmosphere. The sterling, in turn, has been trading in an erratic mood, collaborating as well with the upside.

    Data wise in Euroland, preliminary GDP figures for Q4’16 are due later in Germany, Italy and EMU, while Spanish CPI results for the last month are also in the pipeline.

    EUR/GBP key levels

    The European cross is now losing 0.12% at 0.7814 and a breach of 0.7689 (20-day sma) would aim for 0.7615 (2-month uptrend) and finally 0.7523 (low Feb.3). On the flip side, the next up barrier aligns at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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