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EUR/GBP drops further on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP is now testing the 0.7580 area on Friday following poor results from the UK docket, prolonging the daily drop from the mid-0.7600s.

    EUR/GBP keeps the red post-UK releases

    The negative sentiment remains around the single currency post-ECB meeting, while the sterling seems to have ignored the miserable prints from UK Retail Sales, dropping 1.0% from November to December. In addition, sales excluding the Fuel component have followed suit, down 0.9% inter-month.

    On a more positive note, UK’s Public Sector Net Borrowing shrunk to nearly £6.9 billion during November, bettering expectations.

    EUR/GBP key levels


    The European cross is now losing 0.46% at 0.7610 and a breakdown of 0.7496 (20-day sma) would aim for 0.7480 (2-month uptrend) and finally 0.7310 (low Jan.5). On the other hand, the immediate hurdle 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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