EUR/GBP looks to regain 0.8000 ahead of UK PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP has managed to bounce off yesterday’s lows in the 0.7960 area, trading in a narrow range nonetheless and with the 0.8000 handle back on the radar.

    EUR/GBP attention to UK, EMU data

    The cross continues to fade the spike to recent fresh cycle highs in the proximity of 0.8030 (Friday), as both EUR and GBP have been running out of steam at the beginning of the week.

    Ahead in the session, Services PMI will grab all the attention on this and that side of the Channel, while EMU’s Retail Sales is also expected in the region.

    EUR/GBP key levels

    The European cross is now up 0.14% at 0.7993 facing the next resistance at 0.8024 (2016 high Apr.1) followed by 0.8041 (high Nov.19 2014) and finally 0.8067 (monthly high Sep.10 2014). On the other hand, a breakdown of 0.7880 (20-day sma) would expose 0.7835 (low Mar.29) and then 0.7782 (55-day sma).
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