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EUR/GBP weaker, back below 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The softer tone in the single currency is now prompting EUR/GBP to deflate to daily lows in the 0.7080 region.

    EUR/GBP looks to EMU data for direction

    The European cross has managed to regain levels above the 0.7100 handle on Thursday sustained by a bid tone around EUR, although the upside momentum seems to have stalled near 0.7110 and triggered the current leg lower.

    Absent releases in the UK economy, the attention will stay in Euroland, where German and EMU GDP figures for the third quarter are due next.

    EUR/GBP important levels

    As of writing the cross is losing 0.17% at 0.7088 facing the next support at 0.7038 (low Nov.5) followed by 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17). On the upside, a surpass of 0.7117 (downtrend from 0.7496) would expose 0.7146 (23.6% Fibo of 0.7496-0.7038) and then 0.7204 (100-day sma).
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