EUR/GBP eyes 0.7300 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling keeps depreciating vs. its European peer today, sending EUR/GBP to test the upper-0.7200s.

    EUR/GBP firmer on UK jobs

    The European cross keeps the buoyant tone on Wednesday after the mixed results from the UK labour market, where the unemployment rate has ticked lower to 5.2% in the three months ended in October.

    Further data showed Claimant Count Changed increasing by 3.9K during November, while Average Earning Including Bonus has expanded 2.4%, coming in short from previous estimates.

    EUR/GBP levels to consider

    As of writing the cross is up 0.26% at 0.7282 with the next resistance at 0.7300 (high Dec.4) followed by 0.7374 (76.4% Fibo of 0.7496-0.6979) and then 0.7496 (high Oct.13). On the flip side, a breach of 0.7204 (200-day sma) would expose 0.7176 (38.2% Fibo of 0.7496-0.6979) and then 0.7101 (23.6% Fibo of 0.7496-0.6979).
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