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EUR/GBP closer to 0.7900 ahead of UK, EMU data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A now better tone surrounding the single currency is sending EUR/GBP to the upper end of the range near the 0.7900 handle.

    EUR/GBP focus on EMU, UK releases

    The European cross is recovering part of the recent correction lower to the 0.7840 area following a bid tone in EUR as the risk aversion now seems to have returned to the markets.

    In the meantime, ‘Brexit’ jitters continue to weigh on GBP-sentiment, acting as the almost exclusive driver behind the solid upside in the cross.

    Ahead in the session UK’s credit figures, M4 Money Supply and Mortgage Approvals are next on tap, while EMU’s advanced CPI figures for the current month will take centre stage.

    EUR/GBP key levels

    The European cross is now losing 0.04% at 0.7888 and a breach of 0.7789 (20-day sma) would aim for 0.7743 (2-month uptrend) and finally 0.7523 (low Feb.3). On the upside, the next resistance lines up at 0.7977 (high Dec.1 2014) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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