EUR/GBP climbs to 0.7040, session tops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - A bout of buying interest around the single currency has sent EUR/GBP to the area of session peaks near 0.7040.

    EUR/GBP attention to UK GDP

    Choppy week for the European cross so far, now looking to stabilize in the low-0.7000s after rebounding from recent dips to the 0.6980 area. With scarce volatility and thin trade persisting in the global markets, the cross will look to today’s releases in Euroland and the UK economy.

    In fact, another revision of the UK’s Q3 GDP is due later, although consensus expects the economy to keep the preliminary readings at 0.5% QoQ and 2.3% YoY. Back to Europe, EMU’s Economic Sentiment and Business Climate are due ahead of the German Gfk Survey.

    EUR/GBP important levels

    As of writing the cross is up 0.23% at 0.7041 with the next resistance at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7192 (100-day sma) and finally 0.7207 (200-day sma). On the other hand, a breach of 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17).
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