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EUR/GBP hovering over 0.80 ahead of UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is trading almost unchanged vs. its British peer at the beginning of the week, with EUR/GBP gyrating around 0.8000 the figure.

    EUR/GBP looks to UK PMI

    The European cross is clinging to the area of recent highs around the psychological handle at 0.8000 on Monday following a sideline pattern in both EUR and GBP after the Asian trading hours.

    Ahead in the day, EMU’s Producer Prices and jobless rate are due followed by the Sentix index, while February’s Construction PMI is only due across the Channel.

    EUR/GBP key levels

    The European cross is now losing 0.02% at 0.8006 facing the next resistance at 0.8041 (high Nov.19 2014) followed by 0.8048 (monthly high Oct.15 2014) and finally 0.8067 (monthly high Sep.10 2014). On the other hand, a breakdown of 0.7868 (20-day sma) would expose 0.7835 (low Mar.29) and then 0.7777 (55-day sma).
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