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EUR/GBP wobbles around 0.7100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The sterling and the single currency are running in opposite directions on Tuesday, leaving EUR/GBP in the red territory around the 0.7100 neighbourhood.

    EUR/GBP risks further decline

    The persistent bearish tone around EUR plus the likeliness of the European Central Bank easing further via a deposit rate cut at its meeting in December keeps weighing on sentiment and adding selling pressure to the cross.

    Data wise across the Channel, UK’s labour market figures will be the next release of relevance in the UK economy tomorrow, preceding the speech by Governor M.Carney.

    EUR/GBP relevant levels

    As of writing the cross is losing 0.32% at 0.7094 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 other hand, a surpass of 0.7146 (23.6% Fibo of 0.7496-0.7038) would open the door to 0.7204 (100-day sma) and then 0.7230 (200-day sma).
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