9 Apr 2015
EUR/GBP in a narrow range near 0.7240
FXStreet (Edinburgh) - The poor performances of the single currency and the sterling keep weighing on EUR/GBP today, currently navigating a tight range around 0.7240/45.
EUR/GBP focus on BoE, UK data
Absent relevant releases in Euroland, the cross will look to the pound for near term direction, as UK’s trade balance figures and the BoE MPC meeting are both due later. Prior surveys expect the trade deficit to have ticked higher to £9.0 billion during February while the BoE would remain a ‘non-event’ so far.
In the meantime the cross is retreating for the fourth consecutive session after being rejected once again in the 0.7380/85 band.
EUR/GBP key levels
At the moment the cross is losing 0.11% at 0.7243 with the next support at 0.7222 (low Mar.31) ahead of 0.7200 (psychological level) and then 0.7156 (61.8% of 0.7015-0.7385). On the upside, a break above 0.7328 (100-h MA) would open the door to 0.7379 (high Apr.3) and finally 0.7385 (high Mar.25).
EUR/GBP focus on BoE, UK data
Absent relevant releases in Euroland, the cross will look to the pound for near term direction, as UK’s trade balance figures and the BoE MPC meeting are both due later. Prior surveys expect the trade deficit to have ticked higher to £9.0 billion during February while the BoE would remain a ‘non-event’ so far.
In the meantime the cross is retreating for the fourth consecutive session after being rejected once again in the 0.7380/85 band.
EUR/GBP key levels
At the moment the cross is losing 0.11% at 0.7243 with the next support at 0.7222 (low Mar.31) ahead of 0.7200 (psychological level) and then 0.7156 (61.8% of 0.7015-0.7385). On the upside, a break above 0.7328 (100-h MA) would open the door to 0.7379 (high Apr.3) and finally 0.7385 (high Mar.25).