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EUR/GBP off highs, near 0.7270

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) -After yesterday’s highs in near 0.7280, EUR/GBP has deflated somewhat and is now trading back around the 0.7260 area.

    EUR/GBP looks to risk trends for direction

    Significant data releases remain absent today, leaving the European cross to the mercy of the risk appetite trends amidst a continuation of the recovery in the single currency while the British pound seems comfortable with the current consolidative stance.

    The sterling will take centre stage in the upcoming session, as the BoE’s ‘Super Thursday’ is due along with UK’s Trade Balance figures.

    EUR/GBP levels to consider

    As of writing the cross is advancing 0.12% at 0.7268 and a surpass of 0.7299 (61.8% Fibo of 0.7496-0.6979) would aim for 0.7376 (high Oct.21) and then 0.7496 (monthly high Oct.13). On the other hand, the immediate support is located at 0.7101 (23.6% Fibo of 0.7496-0.6979) followed by 0.7000 (psychological level) and then 0.6979 (low Nov.18).
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