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EUR/GBP testing lows near 0.7390 ahead of UK docket

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP is now visiting the area of session lows at the end of the Asian session on Wednesday, currently testing the 0.7390/85 band.

    EUR/GBP focus on UK releases

    The cross is trading on a softer tone pre-European open, coming down after being rejected from overnight peaks just above the 0.7400 mark. In the meantime, EUR/GBP remains immersed in a consolidative range in the upper-0.7300s pending more relevant catalysts in both the sterling and the shared currency.

    In the data space, UK’s Industrial and Manufacturing Production will be in the limelight during the morning in Europe, seconded by the NIESR GDP Estimate and later the RICS Housing Price Balance. On this side of the Channel, German Industrial Production has contracted at a monthly pace of 1.2% during August, reverting July’s 1.2% advance.

    EUR/GBP relevant levels

    As of writing the cross is losing 0.23% at 0.7385 with the immediate support at 0.7335 (low Sep.28) ahead of 0.7322 (2-month uptrend) and finally 0.7303 (low Sep.25). On the flip side, a breakout of 0.7406 (high Oct.7) would expose 0.7442 (high Oct.2) and then 0.7449 (high May 6).
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