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EUR/GBP weaker, challenges 0.7400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The now offered tone around the shared currency is collaborating with the daily downside in EUR/GBP, threatening to breach the 0.7400 key support.

    EUR/GBP capped around 0.7430

    The recent upside in the single currency has been mostly backed by last week’s dovish tone from the FOMC along with market expectations of a Fed’s lift-off now pointing to the first months of the next year. However, the upside in the cross seems to have run out of steam in the 0.7400/30 band so far, triggering the current knee-jerk.

    In the data space, CB’s Leading Economic index and the Retail Sales Monitor tracked by BRC are due in the UK economy, ahead of tomorrow’s more relevant UK’s CPI figures.

    EUR/GBP relevant levels

    As of writing the cross is losing 0.24% at 0.7398 with the next support at 0.7350 (up trend from September low) followed by 0.7293 (55-d sma) and then 0.7216 (200-d sma). On the other hand, a surpass of 0.7442 (high Oct.2) would expose 0.7483 (high May 7) and finally 0.7500 (psychological handle).
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