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EUR/GBP dips below 0.78 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A mixed batch of UK labor market data and the uptick in the European stocks pushed the EUR/GBP below 0.78, where it trades largely unchanged on the day around 0.7790 levels.

    Focus on stocks

    Sterling regained poise following a knee jerk reaction to the subdued UK wage growth figures. Meanwhile, the European stocks, up more than 1%, are keeping the EUR under pressure.

    Consequently, the cross fell below 0.78 after a having clocked a post UK data high of 0.7813. Ahead of the Fed minutes, the cross remains at the mercy of the action in the European and US stock markets.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7845, above which the bulls could take the pair higher to the next major hurdle 0.7897 (Feb 11 high). On the other side, support is seen at 0.7773 (hourly 100-MA) which if taken out shall open doors for a slide to 0.7757 (hourly 50-MA).
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