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EUR/GBP off lows, regains 0.7360

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After testing troughs near 0.7340 overnight, EUR/GBP has now regained the 0.7360 area albeit it keeps trading in a narrow range.

    EUR/GBP focus on EMU CPI

    The European cross has left the area of multi-month tops in the 0.7500 neighbourhood posted on Tuesday, as the single currency seems to have run out of the upside momentum at the beginning of the week. In addition, GBP has been reclaiming ground lost in recent sessions, collaborating with the downside.

    There are no scheduled releases in the UK economy, whereas September’s final inflation figures in the euro area are due later. Consensus expects the Core CPI to have risen at an annual pace of 0.9%, matching the preliminary reading.

    EUR/GBP relevant levels

    As of writing the cross down 0.09% at 0.7358 with the next support at 0.7314 (55-day sma) followed by 0.7279 (61.8% Fibo of 0.6936-0.7492) and then 0.7196 (monthly low Sep.22). On the flip side, a break above 0.7481 (downtrend from December’14) would expose 0.7492 (high Oct.13) and finally 0.7600 (psychological mark).
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