EUR/GBP regains 0.7070 post-EMU data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency is attempting a rebound from session lows vs. the sterling, pushing EUR/GBP to the 0.7070 area.

    EUR/GBP off lows despite poor data

    The pair’s decline is showing some signs of relief in spite of EMU’s GDP figures have missed expectations for the third quarter, showing that the economy in the region has expanded 0.3% inter-quarter and 1.6% on a yearly basis vs. forecasts at 0.4% and 1.7%, respectively.

    There are no further releases in Euroland today, with market participants now turning their shift to the US calendar, where Retail Sales will take centre stage.

    EUR/GBP important levels

    As of writing the cross is losing 0.36% at 0.7074 facing the next support at 0.7038 (low Nov.5) followed by 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17). On the upside, a surpass of 0.7117 (downtrend from 0.7496) would expose 0.7146 (23.6% Fibo of 0.7496-0.7038) and then 0.7204 (100-day sma).
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