EUR/GBP tests highs near 0.7280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The bid tone around the common currency is helping EUR/GBP to climb and post daily highs in the 0.7275/80 band.

    EUR/GBP focus on PMIs, UK jobs

    The European cross has returned to the upper bound of the weekly range after briefly testing the key support at 0.7200 the figure earlier in the week. The sterling will remain under pressure today in light of UK’s labour market figures due later, while preliminary PMI prints will keep investors entertained this side of the Channel.

    In addition, flash inflation figures in Euroland for the current month are also expected, with consensus seeing prices advancing 0.1% on a yearly basis.

    EUR/GBP levels to consider

    As of writing the cross is up 0.17% at 0.7276 with the next resistance at 0.7300 (high Dec.4) followed by 0.7374 (76.4% Fibo of 0.7496-0.6979) and then 0.7496 (high Oct.13). On the flip side, a breach of 0.7204 (200-day sma) would expose 0.7176 (38.2% Fibo of 0.7496-0.6979) and then 0.7101 (23.6% Fibo of 0.7496-0.6979).
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