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EUR/GBP consolidating above 0.7800, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP is looking to consolidate yesterday’s break above the 0.7800 handle, currently meandering the 0.7820 area.

    EUR/GBP boosted by ECB, focus on UK releases

    The sharp correction higher post-ECB announcements seems to have run out of steam in the mid-0.7800s so far, with the cross retreating to the current 0.7820 region as market participants continue to digest yesterday’s events.

    Data wise in the UK, January’s trade deficit is expected to widen to £10.3 billion, while German final February CPI is seen matching the preliminary readings.

    EUR/GBP key levels

    The European cross is now down 0.04% at 0.7825 and a breakout of 0.7901 (high Feb.11) would open the door to 0.7931 (2016 high Feb.25) and then 0.7977 (high Dec.1 2014). On the flip side, the immediate support aligns at 0.7788 (20-day sma) followed by 0.7650 (low Mar.10) and finally 0.7547 (61.8% Fibo of 0.7310-0.7931).
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