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EUR/GBP within range after Chinese data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is looking to consolidate the weekly drop from highs above the 0.8100 handle to the current area of 0.7955/50.

    EUR/GBP supported near 0.7900

    The renewed offered tone in the single currency was the exclusive driver behind the pullback of the European cross in past sessions, although sellers could not push further south of the key support at 0.7900 the figure so far.

    In spite of Chinese GDP matching expectations and Industrial Production and Retail Sales outperforming forecasts, market reaction remained almost mute, leaving the cross to navigate in the lower end of the recent range.

    EUR/GBP key levels

    The cross is now losing 0.04% at 0.7956 facing the next support at 0.7834 (55-day sma) ahead of 0.7825 (low Mar.29) and then 0.7637 (100-day sma). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).
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