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EUR/GBP weaker, near 0.7100 ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/GBP is extending its down move on Wednesday, currently challenging the critical support at 0.7100.

    EUR/GBP attention to UK data

    The ongoing resilience of the sterling will be put to the test later in the session, in light of the publication of the relevant Services PMI in the UK economy (54.5 exp.). In the same direction, the final Services PMIs for the month of October are due in Euroland, all ahead the speech by ECB’s M.Draghi.

    In the meantime, the sell off is not giving up on the European cross so far, which has dropped more than four big-figures since recent peaks in the 0.7500 area.

    EUR/GBP relevant levels

    As of writing the cross is losing 0.09% at 0.7099 and a breach of 0.7067 (23.6% Fibo of 0.6935-0.7496) would expose 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17). On the flip side, the next resistance lines up at 0.7149 (38.2% Fibo of 0.6935-0.7496) followed by 0.7175 (downtrend from October high) and then 0.7208 (100-day sma).
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