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18 Mar 2015
EUR/GBP bounces off 0.7170
FXStreet (Edinburgh) - The overnight decline in EUR/GBP seems to have found some support around 0.7170 on Wednesday.
EUR/GBP attention to UK data
The European cross remains in the upper-0.7100s so far, looking to break above the 0.7200 on a more sustainable basis. However, critical labour market figures in the UK economy plus the BoE minutes will keep the cross under pressure via he GBP. Consensus expects the Claimant Count to have dropped by 30.0K during February and the jobless rate to have ticked lower to 5.6% in the three months ended in February.
EUR/GBP levels to consider
At the moment the cross is up 0.01% at 0.7185 with the next up barrier at 0.7220 (high Mar.9) followed by 0.7238 (high Mar.6) and finally 0.7251 (21-d MA). On the downside, a drop beyond 0.7120 (low Mar.17) would expose 0.7093 (low Mar.16) and then 0.7036 (low Mar.12).
EUR/GBP attention to UK data
The European cross remains in the upper-0.7100s so far, looking to break above the 0.7200 on a more sustainable basis. However, critical labour market figures in the UK economy plus the BoE minutes will keep the cross under pressure via he GBP. Consensus expects the Claimant Count to have dropped by 30.0K during February and the jobless rate to have ticked lower to 5.6% in the three months ended in February.
EUR/GBP levels to consider
At the moment the cross is up 0.01% at 0.7185 with the next up barrier at 0.7220 (high Mar.9) followed by 0.7238 (high Mar.6) and finally 0.7251 (21-d MA). On the downside, a drop beyond 0.7120 (low Mar.17) would expose 0.7093 (low Mar.16) and then 0.7036 (low Mar.12).