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EUR/GBP rejected at hourly 50-MA ahead of UK GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP cross was offered at a high of 0.7050 ahead of the second estimate of the UK third quarter GDP.

    Focus on UK GDP

    The data is likely to leave the GDP unchanged at 2.3%y/y and 0.5%q/q. still, the traders are cautiuos as a probability of the positive/negative surprise always exists. Meanwhile, markets would be interested to see if the consumer demand held up well and how much of a drag on growth was the trade balance.

    At 0.7038, the pair is eyeing the hourly 100-MA at 0.7033. The bid tone on the EUR weakened some what as the European equity index futures trimmed early losses.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7063 (76.4% of July low-Oct high), above which the pair could rise to 0.7080 (Nov 25 high) - 0.71 handle. On the other side, support is seen at 0.7019 (hourly 200-MA) and 0.6981 (Sep 18 low).
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