EUR/GBP Looks for Direction Near 0.7900
EUR/GBP
is now extending its consolidative theme around the 0.7900 handle
amidst a softer tone in both the sterling and the single currency.
EUR/GBP attention to risk trends, data
Absent
relevant releases or significant events in the euro area or the UK, the
cross is once again looking for catalysts around the 0.7900 area, while
the persistent buying interest in the greenback keeps the pressure on
the risk-associated space.
On the data front, the German economy
will take centre stage during the European morning, as Trade Balance
figures, Current Account and Industrial Production results are all due
later. Across the Channel, UK’s trade deficit is expected at £11.3
billion in March.
EUR/GBP key levels
The
cross is now up 0.01% at 0.7901 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 0.7869 (20-day sma) would expose 0.7731
(low Apr.26) and finally 0.7489 (200-day sma).
