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EUR/GBP stays around daily lows after German GDP

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 (Mumbai) - The EUR/GBP pair hardly witnessed any action after the data in Germany showed the economy slowed in the third quarter.

    Stuck between key MAs

    The pair is trading between the hourly 100-MA and 50-MA located at 0.7092 and 0.7075. The German quarter-on-quarter GDP slowed to 0.3% from the previous figure of 0.4%. However, the annualised GDP ticked higher to 1.7% from 1.6%, which may have capped losses.

    The next figure to watch out is the Eurozone GDP figure due later today. The pair currently trades around 0.7087 levels.

    EUR/GBP Technical Levels

    The immediate support is located at 0.7075 (hourly 50-MA), under which the pair could drop to 0.7040 (previous day’s low). A break lower would expose 0.70 handle. On the higher side, a break above 0.7092 (hourly 100-MA) could push the pair higher to 0.7127 (Nov 10 high).
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