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EUR/GBP keeps range around 0.7730 post UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The sentiment around the EUR/GBP cross was largely unchanged following the release of mixed UK employment report, with the pound still near yearly lows versus its European rival.

    EUR/GBP fades a spike to one-year highs at 0.7755

    Currently, the EUR/GBP pair trades +0.31% higher at 0.7731, retreating from fresh yearly highs reached at 0.7755 in early trades. The EUR/GBP cross held steady after the UK data as the pound failed to react to the mixed set of releases, with the GBP/USD pair unperturbed around 1.4140 levels.

    Dec claimant count unemployment came in at -4,300 m/m; rate stood at 2.3%. The UK Sep-Nov ILO unemployment rate 5.1% vs 5.2% Aug-Oct. While the UK Nov headline total average earnings 2.0% vs 2.4% 0ct.

    While the EUR/USD pair remains supported amidst falling European stocks and hence, cushions the downside in the cross.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7755 (daily high), above which it could extend gains to 0.7792 (daily R2). To the downside immediate support might be located at 0.7700 (round number) below that at 0.7677 (5-DMA).
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