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EUR/GBP looks for motivation near 0.7140

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Both the sterling and the single currency are trading in a consolidative pattern on Tuesday, prompting EUR/GBP to trade sidelined around 0.7140.

    EUR/GBP supported near 0.7100

    The European cross has managed to leave behind yesterday’s troughs near the critical support at 0.7100 and is now looking to consolidate the recent drop from last week’s tops in the mid-0.7200s.

    It will be a fairly muted session in Euroland and the UK today, with President Draghi’s speech as the main highlight this evening. Other than that, the price action will surely hinge on the risk appetite trends.

    EUR/GBP relevant levels

    As of writing the cross is losing 0.03% at 0.7144 and a breach of 0.7121 (low Oct.30) 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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