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EUR/GBP navigates session lows near 0.8080

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP is posting gains for the first time after three consecutive advances, currently hovering over the 0.8080 area.

    EUR/GBP focus on UK data

    The European cross is surrendering part of the recent strong up move, retreating from fresh cycle highs just above the 0.8100 handle albeit managing to keep the upper-0.8000s for the time being.

    While the EUR rally seems to be taking a breather, GBP still remains vulnerable amidst renewed concerns over the outcome of the UK referendum on June 23. FT’s poll of polls showed the ‘Stay’ vote is at 43% vs. 41% of the ‘Leave’ option.

    Ahead in the session UK’s Industrial/Manufacturing Production results are due, followed by the NIESR GDP Estimate. This side of the Channel, German Trade Balance figures are only expected.

    EUR/GBP key levels

    The European cross is now losing 0.20% at 0.8079 facing the next support at 0.7915 (20-day sma) ahead of 0.7825 (low Mar.29) and then 0.7801 (55-day sma). On the flip side, a breakout of 0.8105 (2016 high Apr.6) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).
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