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EUR/GBP off lows, returns to 0.7440

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The recovery of the sterling seems to have capped the recent upside in EUR/GBP, which is correcting lower after testing the 0.7490 area on Thursday.

    EUR/GBP attention to UK data, NFP

    The better tone in the single currency as of late has given extra wings to the European cross, although the upside has been halted ahead of the 0.7500 handle during yesterday’s session, allowing the current correction lower.

    Apart from the relevant non-farm Payrolls in the US economy, UK’s trade balance figures are also due today. Consensus expects the trade deficit to come in at £10.5 billion during November, down from almost £12 billion registered in October.

    EUR/GBP levels to consider

    As of writing the cross is down 0.56% at 0.7436 facing the next support at 0.7367 (76.4% Fibo of 0.6980-0.7436) followed by 0.7261 (100-day sma) and finally 0.7212 (200-day sma). On the other hand, a breakout of 0.7496 (high Oct.13) would expose 0.7595 (high Feb.3) and then 0.7715 (high Jan.21).
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