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EUR/GBP firm above 0.7900, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Sideline patterns in both the sterling and the single currency are echoing on EUR/GBP, trading in a consolidative theme in the low-0.7900s.

    EUR/GBP keeps 0.79 ahead of data

    Renewed jitters on the likeliness of a ‘Brexit’ scenario has triggered a sharp sell-off in the British pound on Wednesday, prompting the European cross to record fresh 2016 highs near 0.7940.

    Ahead in the session, German Gfk survey is due ahead of the ECB Economic Bulletin, while February’s Retail Sales will take centre stage across the Channel.

    EUR/GBP key levels

    The European cross is now up 0.11% at 0.7929 facing the next resistance at 0.8000 (psychological handle) ahead of 0.8007 (monthly high Dec.16 2014) and then 0.8041 (monthly high Nov.19 2014). On the other hand, a breakdown of 0.7805 (20-day sma) would expose 0.7726 (55-day sma) and then 0.7650 (post-ECB low Mar.10).
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