EUR/GBP offered at 50% Fibo ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Having failed to take out 0.7848 (50% of 0.8766-0.6931) levels in Asia, the EUR/GBP cross is now trading on a weak footing around 0.7810 levels ahead of UK trade deficit release.

    Stock futures rise, EUR drops

    The common currency is being offered in Europe as the major US stock futures strengthened atleast 1% each. The immediate focus now is on the data release in the UK, which is expected to show the trade deficit widened in January.

    Apart from the data release, stock market activity would remain on the watch list of EUR/GBP traders. Major indices have opened strong and that could keep the cross under pressure.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.78 would open doors for a drop to support at 0.7750 (5-DMA) and 0.7681 (23.6% of 0.6981-0.7897). On the other hand, a break above 0.7848 (50% of 0.8766-0.6931) could expose resistance at 0.7897 (Feb 11 high) and 0.7928 (Feb 25 high).
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