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EUR/GBP keeps falling, around 0.7120

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The increasing offered tone around the single currency has now dragged EUR/GBP to test fresh lows in the 0.7120/15 band.

    EUR/GBP lower on EUR weakness

    The European cross is thus trading at shouting distance from recent multi-month lows around the 0.7100 neighborhood, all against the backdrop of renewed selling interest surrounding EUR following the last ECB meeting and subsequent comments by ECB officials regarding the likeliness of further easing by the central bank.

    Data wise, UK’s Construction PMI has come in at 58.8 for the month of October, matching estimates and a tad lower than September’s 59.9. Next of relevance will be the speech by President M.Draghi later in the European evening.

    EUR/GBP relevant levels

    As of writing the cross is losing 0.42% at 0.7117 and a breach of 0.7105 (low Nov.2) would aim for 0.7067 (23.6% Fibo of 0.6935-0.7496) and finally 0.6934 (2015 low Jul.17). On the flip side, the next resistance lines up at 0.7215 (50% Fibo of 0.6935-0.7496) followed by 0.7238 (200-day sma) and then 0.7311 (55-day sma).
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