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EUR/GBP subdued around 0.7560, UK PMI eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The better tone in the sterling has prompted EUR/GBP to give away part of the recent advance, currently slipping to session lows in the 0.7565/60 band.

    EUR/GBP attention to UK, EMU data

    The European cross is now accelerating the downside and wobbling around the area of 0.7570/60, where the 20-day sma and the uptrend from December lows are converging.

    Ahead in the session, UK/EMU Services PMI are due, seconded by Retail Sales in the euro area, while the ADP report will set the tone later in the NA session.

    EUR/GBP key levels

    The European cross is now down 0.10% at 0.7563 facing the next support at 0.7481 (61.8% Fibo of 0.7310-0.7758) ahead of 0.7310 (low Jan.5) and finally 0.7247 (200-day sma). On the other hand, a break above 0.7756 (high Jan.20) would aim for 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).

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