EUR/GBP in a tight range below 0.7600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - EUR/GBP is echoing the sideline pattern in both the sterling and the single currency, currently looking to consolidate around 0.7570 ahead of the European open.

    EUR/GBP cautious ahead of FOMC

    The lack of direction and scarce volatility continue to prevail today, as market participants remain cautious ahead of the FOMC meeting due later in the European evening.

    In the meantime, the cross has come down from the 0.7600 neighbourhood and is trading in a ‘wait-and-see’ mode in the 0.7575/70 band, amidst renewed buying interest in GBP and a steady stance around EUR.

    EUR/GBP key levels

    The European cross is now up 0.13% at 0.7574 with the next resistance at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a break below 0.7527 (20-day sma) would aim for 0.7310 (low Jan.5) and finally 0.7326 (200-day sma).
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