EUR/GBP Unmotivated Below 0.7900

EUR/GBP Unmotivated Below 0.7900

6 May 2016, 07:49
Roberto Jacobs

EUR/GBP Unmotivated Below 0.7900

EUR/GBP is looking to digest yesterday’s drop, currently navigating the 0.7890/80 band ahead of the opening bell in Euroland.

EUR/GBP focus on NFP

The cross continues to trade below the 0.7900 handle, trimming part of the weekly advance to tops near 0.7950 on Wednesday, amidst thin trade and scarce volatility as cautiousness prevails in light of US Non-farm Payrolls.

Market consensus sees the US economy adding slightly above 200K jobs during April, while the unemployment rate is expected to remain at 5.0%.

EUR/GBP key levels

The cross is now up 0.04% at 0.7877 facing the next hurdle at 0.7947 (high May 4) ahead of 0.7995 (high Apr.18) and then 0.8119 (2016 high Apr.7). On the flip side, a breach of 0.7733 (100-day sma) would expose 0.7731 (low Apr.26) and finally 0.7476 (200-day sma).


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