EUR/GBP trims gains ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/GBP pair trimmed gains to trade around 0.78 handle as the offered tone around Sterling weakened ahead of the UK labor data release.

    Rejected at 0.7845

    The cross turned lower from the four-day high of 0.7845 levels, tracking the recovery in the GBP/USD pair and the uptick in the European stock markets. Moreover, the positive action in the European equities is capping gains in the funding currencies like EUR.

    The immediate focus now is on the UK labor market report which is expected to show the wage growth slowed in three months to December, while the unemployment report ticked lower.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.7845, above which the bulls could take the pair higher to the next major resistance 0.7897 (Feb 11 high). On the other side, support is seen at 0.7773 (hourly 100-MA) which if taken out shall open doors for a slide to 0.7757 (hourly 50-MA).
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