EUR/GBP wobbles around 0.7200

7 December 2015, 08:25
sathish kumar
EUR/GBP is trading on a weaker footing at the beginning of the week following the soft performance of the common currency.

EUR/GBP eyes on Carney

After the recent test of fresh highs in the 0.7250 area, the European cross has sparked a leg lower to the current 0.7200 neighbourhood in response to a renewed offered tone around the single currency. In the meantime, market participants continue to adjust following the recent and surprising ECB meeting and last Friday’s Non-farm Payrolls in the US economy.

Data wise, Governor M.Carney will give a speech at the European Parliament ECON Committee in Brussels, while the Sentix index will be the main highlight in Euroland.

EUR/GBP levels to consider

As of writing the cross is retreating 0.05% at 0.7194 facing the next support at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7000 (psychological level) and then 0.6979 (low Nov.18). On the other hand, a break above 0.7251 (high post-ECB Dec.3) would open the door to 0.7299 (61.8% Fibo of 0.7496-0.6979) and finally 0.7376 (high Oct.21).
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