EUR/GBP in a tight range near 0.7360

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Both the sterling and the single currency remain sidelined at the epilogue of the Asian session on Monday, taking EUR/GBP to the 0.7365/60 band.

    EUR/GBP coming down from 0.7500

    The European cross remains in the lower bond of the recent range, looking to consolidate the correction lower from multi-month peaks in the 0.7500 neighbourhood posted last week.

    Absent releases in the euro area and the UK today, the cross will look to the ECB meeting later in the week for clues regarding a potential modification of the central bank’s current QE programme, while a dovish tone is expected at Draghi’s presser.

    EUR/GBP relevant levels

    As of writing the cross up 0.14% at 0.7360 and a break above 0.7479 (downtrend from December’14) would expose 0.7492 (high Oct.13) and finally 0.7600 (psychological mark). On the flip side, the next support lines up at 0.7327 (2-month uptrend) followed by 0.7279 (61.8% Fibo of 0.6936-0.7492) and then 0.7196
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