17 Dec 2014
EUR/GBP steadies ahead of heavy macro data -led session
FXStreet (Mumbai) - The single currency traded almost unchanged against the sterling after a choppy Asian session, as markets now focus on Euro zone CPI print and UK jobs report for further direction on the pair.
Currently, the EUR/GBP pair trades flat at 0.7943 levels, after previously posting a high of 0.7954 levels. The EUR/GBP pair trades cautiously in a very tight range as traders await Bank of England’s MPC minutes to gauge the interest rate outlook given the slowing price pressures in the UK. The Pound may also remain buoyed as the upcoming labour market report is expected to be better than market forecasts. The final deciding factor EUR/GBP further moves will likely be the weaker than expected Euro zone inflation data which may lift the British pound against the Euro.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7974 (Dec 15 High) and above which it could extend gains to 0.7983 (Oct 17 High) levels. To the downside immediate support might be located at 0.7929 (100-day SMA) and below that at 0.7911 (200-day SMA) levels.
Currently, the EUR/GBP pair trades flat at 0.7943 levels, after previously posting a high of 0.7954 levels. The EUR/GBP pair trades cautiously in a very tight range as traders await Bank of England’s MPC minutes to gauge the interest rate outlook given the slowing price pressures in the UK. The Pound may also remain buoyed as the upcoming labour market report is expected to be better than market forecasts. The final deciding factor EUR/GBP further moves will likely be the weaker than expected Euro zone inflation data which may lift the British pound against the Euro.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7974 (Dec 15 High) and above which it could extend gains to 0.7983 (Oct 17 High) levels. To the downside immediate support might be located at 0.7929 (100-day SMA) and below that at 0.7911 (200-day SMA) levels.