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EUR/GBP plummets to 0.7620 ahead of EMU, UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Both the sterling and the common currency are running opposite directions so far, this time dragging EUR/GBP to fresh session lows in the 0.7620 region.

    EUR/GBP weaker, focus on EMU, UK releases

    The European cross has abruptly reverted the initial spike to the 0.7660/65 band, as market participants have quickly digested the disappointing GDP figures in the Chinese economy during Q4.

    Next of relevance for the cross will be December’s inflation figures in Euroland and the UK economy, followed by the sentiment gauge tracked by the ZEW Survey in the euro area and Germany.

    EUR/GBP levels to consider

    As of writing the cross is retreating 0.42% at 0.7619 with the next support at 0.7463 (20-day sma) followed by 0.7447 (1-month uptrend) and then 0.7310 (low Jan.4). On the flip side, the next up barrier aligns at 0.7698 (high Jan.15) followed by 0.7715 (high Jan.21 2015) and then 0.7875 (2015 high Jan.6).
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