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EUR/GBP off highs near 0.7760, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The overnight recovery of the shared currency and some softer tone around the British pound has allowed EUR/GBP to clinch the upper bound of the range.

    EUR/GBP focus on UK data, EU Summit

    The European cross has come to renewed selling pressure in the last couple of session, triggered after a pick up in the risk appetite trends and a better sentiment around the sterling on rising hopes of a deal at the EU Summit.

    Ahead in the day, UK’s Retail Sales and Public Sector finance figures are due. Consensus sees headline sales to have expanded 0.8% MoM in January, leaving behind December’s 1.0% contraction. This side of the Channel, UK-EU talks will take centre stage, expected to resume around mid-morning.

    EUR/GBP key levels

    The European cross is now up 0.18% at 0.7758 facing the next hurdle at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7695 (20-day sma) would aim for 0.7660 (2-month uptrend) and finally 0.7523 (low Feb.3).
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