EUR/GBP Navigating Session Lows Near 0.8070

EUR/GBP Navigating Session Lows Near 0.8070

11 April 2016, 07:48
Roberto Jacobs

EUR/GBP Navigating Session Lows Near 0.8070

The better tone in the sterling is prompting EUR/GBP to trade in the lower end of the daily range around 0.8070.

EUR/GBP focus on risk trends

The cross has started the week on a soft note against the backdrop of empty dockets in both the euro area and the UK, returning to the 0.8070 region after climbing to fresh multi-month tops near 0.8120 during the last week.

UK’s inflation figures emerge as the next relevant event across the Channel on Tuesday, ahead of the BoE’s interest rate decision on Thursday. In the meantime, the broader risk appetite trends remain poised to set the tone in the global markets.

EUR/GBP key levels

The European cross is now losing 0.02% at 0.8076 facing the next support at 0.7942 (20-day sma) ahead of 0.7825 (low Mar.29) and then 0.7819 (55-day sma). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).

(Market News Provided by FXstreet)

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