EUR/GBP sidelined below 0.71, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The recent softer tone of the single currency has prompted EUR/GBP to fall further and test fresh lows in the 0.7070 area, although recovering some ground afterwards.

    EUR/GBP attention to UK’s job figures

    The European cross is now navigating a tight range and retreating for the third consecutive session, keeping the trade in sub-0.7100 levels ahead of the opening bell in Europe.

    The pound will take centre stage later in the morning in light of the upcoming labour market figures in the UK economy. Consensus expects the unemployment rate to have remained at 5.4% in the three months to September, while the Claimant Count Change is seen at 1.5K.

    EUR/GBP relevant levels

    As of writing the cross is up 0.01% at 0.7091 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 other hand, a surpass of 0.7146 (23.6% Fibo of 0.7496-0.7038) would open the door to 0.7204 (100-day sma) and then 0.7228 (200-day sma).
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