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EUR/GBP re-takes 0.7750 post-UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/GBP cross trims losses and recovers from daily lows following the release of the trade balance data from the UK.

    EUR/GBP recovers from lows

    Currently, the EUR/GBP pair trades -0.08% lower at 0.7750, recovering from fresh session lows reached at 0.7731 last hours. The EUR/GBP cross manages to recover ground somewhat, largely on the back of a minor-recovery seen in the EUR/USD pair as the European stocks fell back in the red.

    On the other side, better than expected UK trade figures had virtually no impact on the pound, with the cable hovering around hourly 200-SMA in the recent dealings. The UK trade deficit narrowed more-than-expected to GBP2, 709 million from GBP4, 031 previously.

    Looking ahead, the cross will continue to track the broader market sentiment ahead of the US jobs data due later in the day.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7795/0.7800 (daily R1/ round number), above which it could extend gains to 0.7834 (Jan 2015 High). To the downside immediate support might be located at 0.7719 (1h 50-SMA) below that at 0.7673 (1h 100-SMA).
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