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EUR/GBP clings to 0.7200, UK GDP eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - EUR/GBP is managing to extend the positive start of the week, navigating a narrow range around the 0.7200 handle.

    EUR/GBP focus on UK data

    The pair is posting marginal gains ahead of the opening bell in Euroland, trading near the 100-day sma located today at 0.7211. While risk appetite trends will remain to be the exclusive catalysts of the price action during the first half of the week, today’s flash GDP figures of the UK economy carries the potential to bring in bouts of volatility from the GBP-side.

    Market consensus expects the UK economy to have expanded at an annual pace of 2.4% during the third quarter and 0.6% QoQ.

    EUR/GBP relevant levels

    As of writing the cross is up 0.01% at 0.7204 and a breakout of 0.7248 (200-day sma) would open the door to 0.7281 (61.8% Fibo of 0.6935-0.7496) and finally 0.7378 (high Oct.21). On the other hand, the next support lines up at 0.7149 (38.2% Fibo of 0.6935-0.7496) ahead of 0.7100 (psychological level) and then 0.7067 (23.6% Fibo of 0.6935-0.7496).
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