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EUR/GBP deflates to lows ahead of UK GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The now softer tone around the single currency is driving EUR/GBP lower on Thursday, currently testing lows in the 0.7630 area.

    EUR/GBP attention to UK data

    The European cross is trading on a negative note at the end of the Asian session today, coming down from overnight tops in the 0.7670 region to test the 0.7630 area, or daily lows.

    Ahead in the session, the sterling will take centre stage in light of the advanced prints of the UK’s Q4 GDP (1.9% YoY exp.), whereas flash German inflation figures for the current month will be in the limelight this side of the Channel.

    EUR/GBP key levels

    The European cross is now losing 0.16% at 0.7634 and a break below 0.7544 (20-day sma) would aim for 0.7513 (2-month uptrend) and then 0.7310 (low Jan.5). On the other hand, the immediate resistance lines up at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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