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EUR/GBP flatlined near 0.7160 UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP is looking to consolidate the recent break above the 0.7100 handle, navigating around the 0.7160/55 area at the end of the Asian session.

    EUR/GBP focus on UK data, NIESR

    The sterling has been hammered on UK’s ‘Super Thursday’, following an unexpected dovish tone from the Bank of England in both its MPC minutes and Quarterly Inflation Report. The subsequent sharp sell off in GBP has allowed the European cross to trespass the 0.7100 mark and advance to the upper bound of the range near 0.7160, snapping at the same time a 2-session negative streak and posting an ‘outside day’ in the charts.

    Ahead in the session, the pound will retake centre stage in light of the results from Industrial and Manufacturing Production, Trade Balance and the NIESR GDP Estimate.

    EUR/GBP relevant levels

    As of writing the cross is up 0.13% at 0.7160 with the next resistance at 0.7208 (100-day sma) followed by 0.7232 (200-day sma) and then 0.7281 (61.8% Fibo of 0.6934-0.7496). On the flip side, a drop below 0.7038 (low Nov.5) would expose 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17).
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