19 Feb 2016
EUR/GBP off highs near 0.7760, UK data eyed
The overnight recovery of the shared currency and some softer tone around the British pound has allowed EUR/GBP to clinch the upper bound of the range.
EUR/GBP focus on UK data, EU Summit
The European cross has come to renewed selling pressure in the last couple of session, triggered after a pick up in the risk appetite trends and a better sentiment around the sterling on rising hopes of a deal at the EU Summit.
Ahead in the day, UK’s Retail Sales and Public Sector finance figures are due. Consensus sees headline sales to have expanded 0.8% MoM in January, leaving behind December’s 1.0% contraction. This side of the Channel, UK-EU talks will take centre stage, expected to resume around mid-morning.
EUR/GBP key levels
The European cross is now up 0.18% at 0.7758 facing the next hurdle at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7695 (20-day sma) would aim for 0.7660 (2-month uptrend) and finally 0.7523 (low Feb.3).
EUR/GBP focus on UK data, EU Summit
The European cross has come to renewed selling pressure in the last couple of session, triggered after a pick up in the risk appetite trends and a better sentiment around the sterling on rising hopes of a deal at the EU Summit.
Ahead in the day, UK’s Retail Sales and Public Sector finance figures are due. Consensus sees headline sales to have expanded 0.8% MoM in January, leaving behind December’s 1.0% contraction. This side of the Channel, UK-EU talks will take centre stage, expected to resume around mid-morning.
EUR/GBP key levels
The European cross is now up 0.18% at 0.7758 facing the next hurdle at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7695 (20-day sma) would aim for 0.7660 (2-month uptrend) and finally 0.7523 (low Feb.3).