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EUR/GBP in a tight range near 0.7220

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The softer momentum around the shared currency is driving EUR/GBP lower albeit it keeps the trade in a narrow range so far.

    EUR/GBP focus on UK’s CPI

    The European cross has faded part of last week’s spike to fresh tops in the area of 0.7280 propped up by a bull run in EUR. In fact, the better tone around the risk-associated assets has given extra legs to the sterling too, limiting the upside.

    In the data space, EMU’s Industrial Production is due today and the German ZEW Survey is expected tomorrow, while key inflation figures are next on tap in the UK calendar on Tuesday.

    EUR/GBP levels to consider

    As of writing the cross is up 0.01% at 0.7218 with the next resistance at 0.7280 (high Dec.8) followed by 0.7299 (61.8% Fibo of 0.7496-0.6979) and then 0.7376 (high Oct.21). On the flip side, a breach of 0.7197 (55-day sma) would expose 0.7176 (38.2% Fibo of 0.7496-0.6979) and then 0.7101 (23.6% Fibo of 0.7496-0.6979).
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