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13 Apr 2015
EUR/GBP climbs to session highs
FXStreet (Edinburgh) -A bout of buying pressure around the single currency is now bolstering the upside in EUR/GBP to the upper end of the daily range around 0.7270.
EUR/GBP supported near 0.7220
The European cross managed to leave session troughs near 0.7220 following the weakness in the euro and the sterling in early trade. However, a more sustainable follow trough remains to be seen, as the risk-off sentiment is posed to prevail in response to the miserable results from the Chinese trade balance during March.
Next of relevance for the cross will be the key UK inflation figures due tomorrow, with consensus expecting headline consumer prices to come in flat on a yearly basis.
EUR/GBP levels to consider
At the moment the cross is advancing 0.19% at 0.7262 with the next resistance at 0.7273 (21-d MA) followed by 0.7313 (high Apr.8) and finally 0.7385 (high Mar.25). On the flip side, a break below 0.7223 (low Apr.10) would expose 0.7200 (psychological level) and then 0.7156 (61.8% of 0.7015-0.7385).
EUR/GBP supported near 0.7220
The European cross managed to leave session troughs near 0.7220 following the weakness in the euro and the sterling in early trade. However, a more sustainable follow trough remains to be seen, as the risk-off sentiment is posed to prevail in response to the miserable results from the Chinese trade balance during March.
Next of relevance for the cross will be the key UK inflation figures due tomorrow, with consensus expecting headline consumer prices to come in flat on a yearly basis.
EUR/GBP levels to consider
At the moment the cross is advancing 0.19% at 0.7262 with the next resistance at 0.7273 (21-d MA) followed by 0.7313 (high Apr.8) and finally 0.7385 (high Mar.25). On the flip side, a break below 0.7223 (low Apr.10) would expose 0.7200 (psychological level) and then 0.7156 (61.8% of 0.7015-0.7385).