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EUR/GBP ignores Eurozone GDP release, stays around hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency ignored the Eurozone Q4 GDP release, leaving the EUR/GBP cross unaffected around hourly 50-MA seen at 0.7734 levels.

    Weak stocks support EUR

    The pair clocked a high of 0.7751 levels as stock markets across Europe took hit on account of weak China trade data. However, the cross trimmed gains as bulls are somewhat cautious ahead of Thursday’s ECB meeting.

    Eurozone GDP matched estimates by printing at 0.3% q/q, but printed higher at 1.6% y/y. However, the data was largely ignored. Furthermore, BOE declined to provide full analysis on Brexit. Consequently, the cross is currently trading sideways around hourly 50-MA.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.7790 (10-DMA), which will be followed by a resistance at 0.7845 (Feb 17 high) and 0.7897 (Feb 11 high). On the other hand, a break below 0.7718 (daily low) would open doors for a drop to 0.7691 (Mar 2 low). If penetrated, the pair could test 50-DMA at 0.7649.
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