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EUR/GBP sees little action after mixed UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP pair continued to trade around 0.7165 after the mixed batch of UK data left Sterling traders with little to do, but await the US payrolls report.

    Awaits US data

    The UK trade deficit fell more than expected in September, while the manufacturing production declined less than expected. However, the annualised industrial production contracted more than expected.

    Consequently, the Sterling traders preferred to wait on the sidelines ahead of the Us non-farm payrolls report due later today.

    EUR/GBP Technical Levels

    At 0.7165, the immediate support is seen at 0.7145 (61.8% of Jul low-Oct high), under which the cross could target 0.71 handle. On the other side, resistance is seen at at 0.7170 (Aug 12 high) and 0.7196 (Sep 22 low).
    For more information, read our latest forex news.

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