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EUR/GBP muted around 0.7170 on EU data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Having faced rejection near 100-SMA on hourly sticks, the EUR/GBP cross retreated slightly and now hovers around 0.7174 following the release of mixed datasets from the Euro zone.

    EUR/GBP capped below hourly 100-SMA at 0.7191

    Currently, the EUR/GBP pair trades modestly flat at 0.7175, fading a spike to fresh session highs reached at 0.7187 in last hours. The cross is stuck in a consolidative phase and keeps range above the daily pivot located at 0.7168.

    The shared currency paid little attention to the mixed Euro zone data, viz., CPI and employment report, keeping EUR/GBP completely unchanged post the data.

    CPI in the EU improved from -0.1% to 0.0% y/y in October, while the core gauge ticked higher from 0.9% to 1.0%. Moreover, the unemployment rate in the euro zone for September decreased from 10.9% to 10.8%.

    The cross trades flat also due to the gains in GBP/USD as the greenback remains broadly lower ahead of a series of US data due for release later today.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7187/91 (Today’s High/ 1h 100-SMA), above which it could extend gains to 0.7239 (1h 200-SMA). To the downside immediate support might be located at 0.7142 (Oct 28 Low) below that at 0.7116 (daily S2).
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