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EUR/GBP unaffected by horrible UK trade deficit number

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair continues to trade around 5-DMA at 0.7225 levels; unaffected by the wider-than-expected UK trade deficit number released a couple of minutes ago.

    EUR under pressure

    The EUR/USD pair is down 0.50% amid mixed action in the European stock markets. Meanwhile, the GBP/USD pair remains resilient around 1.5175, even though the UK trade deficit rose more than expected in October.

    Moreover, the rising UK trade deficit has been here for a long time, but the markets continue to ignore the same month after month. However, the British Chamber of Commerce (BCC) did note the weak international trade on Tuesday.

    EUR/GBP Technical levels

    At 0.7225, the pair could rise to 0.7237 (50% of 0.7493-0.6981), above which the gains could be extended to 0.7261 (daily high), which, if taken out could open doors for 0.7278 (38.2% of 0.6931-0.7493). On the other hand, a break below 0.7212 (50% of 0.6931-0.7493), would expose the confluence of 100-DMA and 200-DMA at 0.7203-0.7198.
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