EUR/GBP retreats from 0.7300, back near 0.7280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - EUR/GBP has managed to rebound from overnight troughs in the mid-0.7200s, currently retaking the 0.7275/80 band.

    EUR/GBP attention to EMU, UK data

    Today’s better tone around EUR is helping the European cross to advance for the third consecutive session so far, albeit correcting lower from yesterday’s tops around the 0.7300 handle, level last traded in mid October.

    Ahead in the day, German/EMU ZEW Survey will be in the limelight in Euroland, while key inflation figures will take centre stage across the Channel.

    EUR/GBP levels to consider

    As of writing the cross is up 0.20% at 0.7272 with the next resistance at 0.7300 (high Dec.4) followed by 0.7374 (76.4% Fibo of 0.7496-0.6979) and then 0.7496 (high Oct.13). On the flip side, a breach of 0.7203 (200-day sma) would expose 0.7176 (38.2% Fibo of 0.7496-0.6979) and then 0.7101 (23.6% Fibo of 0.7496-0.6979).
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