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EUR/GBP off highs, returns to 0.7020

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - After climbing to session highs above 0.7030 overnight, EUR/GBP has now returned to the 0.7020 area, or daily lows.

    EUR/GBP focus on German data

    The European cross is now surrendering part of yesterday’s advance, although it remains in a narrow range and trading in multi-month levels in the low-0.7000s amidst a heavy tone around the single currency.

    Ahead in the session, German data will be in the limelight via the publication of Q3 GDP figures and the IFO indicator. Across the Channel, Inflation Report Hearings and the CBI’s Distributive Trades Survey will also be released.

    EUR/GBP important levels

    As of writing the cross is down 0.17% at 0.7020 facing the next hurdle at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7195 (100-day sma) and finally 0.7239 (55-day sma). On the other hand, a break below 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17).
    For more information, read our latest forex news.

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