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EUR/GBP eases to 0.7800, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After clinching fresh highs in the mid-0.7800s during overnight trading, EUR/GBP has now given away some pips and it has returned to the 0.7800 neighbourhood.

    EUR/GBP attention to UK data

    The European cross has managed to print fresh 1-year tops beyond the 0.7800 mark bolstered by an increasing buying interest around the single currency, all against the backdrop of heightened risk aversion in the global markets.

    While the risk-off environment has diminished a tad at the end of the Asian session, the recent positive performance of the sterling will be put to the test, as Industrial/Manufacturing Production is due across the Channel, followed by the NIESR GDP Estimate later in the session.

    EUR/GBP key levels

    The European cross is now losing 0.15% at 0.7798 with the immediate support at 0.7659 (low Feb.8) ahead of 0.7648 (20-day sma) and finally 0.7592 (2-month uptrend). On the other hand, a surpass of 0.7875 (high Jan.6 2015) would expose 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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