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EUR/GBP rangebound near 0.7730 ahead of ECB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The usual lull pre-ECB meeting has taken over sentiment ahead of the European open on Thursday, leaving EUR/GBP to navigate the 0.7730 area.

    EUR/GBP ignores German data, attention to ECB

    Similar performances from the shared currency and the sterling area collaborating with the consolidative pattern around the cross, while markets are warming up for the upcoming ECB event later in Euroland.

    Data wise in the euro area, German trade surplus has come in at €18.9 billion for the month of January vs. €19.5 billion initially forecasted. Across the Channel the next event will be January’s Trade Balance figures, due tomorrow.

    EUR/GBP key levels

    The European cross is now down 0.12% at 0.7730 and a breakdown of 0.7693 (38.2% Fibo of 0.7310-0.7931) would open the door to 0.7688 (low Mar.2) and finally 0.7639 (55-day sma). On the other hand, the next hurdle lines up at 0.7780 (20-day sma) ahead of 0.7931 (high Feb.25) and then 0.7977 (high Dec.1 2014).

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