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EUR/GBP falls to lows near 0.7570

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The abrupt correction lower around EUR has prompted EUR/GBP to abandon the area above 0.7600 and come lower to test daily lows in the 0.7570 area.

    EUR/GBP focus on EMU data

    The cross is currently on its way to challenge the mid-0.7500s, where sits the 20-day sma, against the backdrop of a softer tone from European equities following today’s open. On the GBP-side, the sterling is extending its recent upbeat tone and thus collaborating with the downside.

    Ahead in the session, EMU’s Private Loans and M3 Money Supply are up next, followed by flash inflation figures for the month of January, with consumer prices expected to have risen at an annual pace of 0.4%

    EUR/GBP key levels

    The European cross is now losing 0.59% at 0.7576 and a break below 0.7522 (2-month uptrend) would expose 0.7310 (low Jan.5) and finally 0.7241 (200-day sma). On the other hand, the immediate resistance 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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