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EUR/GBP finds support around 0.7540, UK PMI on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The bid tone of the sterling has prompted EUR/GBP to retrace part of yesterday’s rally overnight and test lows around the 0.7540 area.

    EUR/GBP attention to UK PMI

    The cross is finding some decent support around the uptrend from December 2015 in the mid-0.7500s, in a context where the risk-on trade seems to be favoured ahead of the opening bell in London.

    A light calendar in the euro area will only see December’s Unemployment rate, while Construction PMI is due across the Channel.

    EUR/GBP key levels

    The European cross is now up 0.42% at 0.7575 with the next hurdle at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7481 (61.8% Fibo of 0.7310-0.7758) would expose 0.7310 (low Jan.5) and finally 0.7247 (200-day sma).
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