EUR/GBP takes out Fib resistance after UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP jumped above 0.7063 (76.4% of 0.6931-0.7493) after the UK construction PMI for November was reported at 7-month low.

    Eyes Eurozone CPI

    The cross now trades at a session high of 0.7067. Sterling was offered across the board as the headline seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) dropped to a 7–month low of 55.3 from Oct’s 55.8.

    The focus is now on the Eurozone preliminary CPI and core CPI reading for November.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.7080 (Nov 24 high), above which the cross could target 0.7102 (23.6% of 0.7493-0.6981). On the other side, a failure to sustain above 0.7063 (76.4% of 0.6931-0.7493) could see the cross re-test 0.7030 (hourly 200-MA).
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