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EUR/GBP: well, that's all folks, until NFP's

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7151 with a high of 0.7160 and a low of 0.7041.

    EUR/GBP is consolidating the upside now and the profits that were to be had between 0.7120/50 are crystallized as we move over the Asian session that will close the week awaiting the outcome of the Nonfarm Payrolls in the US shift overnight.

    Nonfarm Payrolls: Can it confirm a December rate hike?

    The cross rallied from the 0.7060 mark on a dovish BoE and quarterly inflation report the set back hopes for a rate hike until way into 2016 on a strong pound and cheap oil. At the same time, EUR/USD shorts were bailing ahead of the key US jobs report on Friday in the US shift

    EUR/GBP levels

    Technically, RSI (14) has shot into oversold territory as price consolidates and leaves little room for further upside at this stage on the shorter time frames. However, this is a minor recovery in the making on the daily charts and is challenging the downtrend above 0.73 of mid October business with plenty still to recover and targets the 200 DMA at 0.7234.
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