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EUR/GBP flirting with highs near 0.7050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The now weaker tone around the British pound is pushing EUR/GBP to test the area of session highs near 0.7050.

    EUR/GBP stronger after UK data

    The downbeat tone around the sterling remained intact after mixed results from the UK docket today, where Consumer Credit came in short of expectations at £1.178 billion during October. Further data saw Mortgage Approvals at 69.63K in last month, up from 68.87K and M4 Money Supply expanding at a monthly pace of 0.6% during the same period.

    In the meantime, both EUR and GBP remain on the back footing against the backdrop of increasing demand for the US dollar. Next of relevance in the cross will be the preliminary German inflation figures for the current month.

    EUR/GBP important levels

    As of writing the cross is advancing 0.05% at 0.7046 with the next resistance at 0.7101 (23.6% Fibo of 0.7496-0.6979) followed by 0.7192 (100-day sma) and then 0.7204 (200-day sma). On the other hand, a break below 0.6985 (low Nov.17) would aim for 0.6948 (low Aug.5) and finally 0.6934 (2015 low Jul.17).
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