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EUR/GBP firmer, testing 0.7400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) -The better tone around the euro is now pushing EUR/GBP to the area of daily tops near 0.7400 the figure ahead of the European open.

    EUR/GBP focus on UK PMI, EMU data

    The cross is extending its consolidative pattern between 0.7350 and 0.7400 so far, propped up by the more solid tone surrounding EUR and the persistent selling mood around the sterling.

    Next of relevance will be the manufacturing PMI gauge in the UK and the euro area, followed by UK’s Net Lending to Individuals, Consumer Credit and Mortgage Approvals.

    EUR/GBP levels to consider

    As of writing the cross is up 0.27% at 0.7391 with the next resistance at 0.7416 (high Dec.22) followed by 0.7496 (high Oct.13) and finally 0.7600 (psychological level). On the flip side, a breach of 0.7299 (61.8% Fibo of 0.7496-0.6979) would expose 0.7254 (100-day sma) and then 0.7190 (55-day sma).
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