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EUR/GBP capped by 0.7400, EMU data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The better tone around the common currency has prompted EUR/GBP to resume its upside, although gains seem to be somewhat limited by the strong barrier at 0.7400.

    EUR/GBP focus on EMU releases

    The European cross has eased some pips after Retail Sales in Germany have missed expectations during November, returning to the 0.7390 area after being rejected around 0.7400 the figure.

    Today’s initial consolidative pattern in GBP is also collaborating with the upside, all ahead EMU’s Economic Sentiment, Consumer Confidence and Retail Sales. Of note as well will be the publication of the ECB’s meeting accounts.

    EUR/GBP levels to consider

    As of writing the cross is up 0.18% at 0.7387 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 0.7258 (100-day sma) and then 0.7192 (55-day sma).
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