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EUR/GBP weaker, around 0.7030 ahead of UK CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The generalized weakness around the single currency has relegated EUR/GBP to trade in the low-0.7000s ahead of today’s UK releases.

    EUR/GBP softer pre-UK CPI

    The European cross is extending the weekly decline to test fresh 3-month lows in the 0.7020 area against a backdrop of increasing selling pressure around EUR. In fact, the shared currency continues to lose ground vs. its main rivals, as the effects from the Paris attacks still linger over the markets and the US dollar remains bid across the board.

    Ahead in the session, UK’s inflation figures are due later, followed by the German/EMU ZEW Survey. Market consensus expects the headline CPI to have contracted 0.1% on a year to October, while core prices are seen at 1.0% YoY.

    EUR/GBP important levels

    As of writing the cross is losing 0.01% at 0.7026 facing the next support at 0.7000 (psychological level) ahead of 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the upside, a surpass of 0.7085 (downtrend from 0.7496) would expose 0.7131 (23.6% Fibo of 0.7496-0.7018) and then 0.7201 (100-day sma).
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