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EUR/GBP ignores German data, Eyes Carney speech

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP remained largely unaffected by the German data, which showed the economy witnessed moderate strength in Q3, but international trade acted as a drag.

    Trades between key MAs

    At 0.7021, the pair is trading between the hourly 200-MA and hourly 50-MA located at 0.7027 and 0.7013 respectively. The official data in Germany showed the gross domestic product (GDP) increased 0.3% as estimated. However, the pair did not respond to the data, but appears to have moved off lows due to a rise in the EUR/USD pair from lows.

    The traders now BOE’s Carney testimony. Comments on inflation and on the timing of the BOE liftoff could influence Sterling pairs.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7027 (hourly 200-MA), above which gains could be extended to 0.7102 (23.6% of 0.7493-0.6981). On the other side, support is seen at 0.7007 (5-DMA) and 0.6981 (Nov 18 low).
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