EUR/GBP bounces to 0.7350, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Following session lows near 0.7330, EUR/GBP has managed to recover some ground and is now trading in the mid-0.7300s.

    EUR/GBP lower on GBP-strength

    The firmer tone of the sterling in combination with some selling interest surrounding the single currency has been weighing on the cross throughout the Asian session on Friday, although the weekly support around 0.7330 seems to have contained the sellers so far.

    Data wise across the Channel, UK’s trade balance figures are only due, with consensus expecting the trade deficit to have shrunk to £10 billion during August.

    EUR/GBP relevant levels

    As of writing the cross is losing 0.02% at 0.7356 with the next support at 0.7280 (up trend from mid-Aug/55-d sma) followed by 0.7215 (200-d sma) and then 0.7196 (low Sep.22). On the other hand, a surpass of 0.7442 (high Oct.2) would expose 0.7483 (high May 7) and finally 0.7500 (psychological handle).
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