EUR/GBP supported near 0.7770 ahead of PMI, BoE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The offered tone around the shared currency is driving EUR/GBP lower on Wednesday, although a decent support remains around the mid-0.7700s so far.

    EUR/GBP attention to PMI, BoE-speak

    The European cross is retreating since Thursday’s peaks near 0.7950, losing ground along with a correction lower in the shared currency and some sort of recovery around the beleaguered British pound.

    In the data space, UK’s Construction PMI is due later followed by speeches by BoE’s Broadbent and Cunliffe. Later in the session, the US ADP report will rule the sentiment ahead of the more relevant Non-farm Payrolls on Friday.

    EUR/GBP key levels

    The European cross is now losing 0.18% at 0.7772 facing the next support at 0.7692 (low Feb.16) ahead of 0.7596 (55-day sma) and finally 0.7523 (low Feb.3). On the flip side, a breakout of 0.7931 (high Feb.25) would expose 0.7977 (high Dec.1 2014) and then 0.8007 (high Dec.16 2014).
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