EUR/GBP drops sharply despite UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/GBP is having the biggest daily decline in two months, erasing yesterday’s gains. On Tuesday the pair peaked at 0.7415, the highest level since October 15 but from those highs it has fallen almost a hundred pips despite economic data from the United Kingdom. The third quarter revisions was expected to show a reading of 2.3% but came in at 2.1%.

    The pound rose even further across the board after the data. EUR/GBP bottomed recently at 0.7319 and currently it trades at 0.7325/30, down

    EUR/GBP levels to watch

    To the downside, the area round 0.7320 has become a key short-term support that capped the decline also yesterday; below here the next potential support might be seen at 0.7300 (psychological) and 0.7260/70 (short-term uptrend line). On the opposite direction, resistance could be located at 0.7360/70 (20-hour MA) and 0.7410/15 (Dec 22 high).
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