EUR/GBP More Rangebound Below 0.7900
EUR/GBP is posting meager gains at the beginning of the week, extending its consolidative pattern below the 0.7900 mark.
EUR/GBP unchanged amidst empty docket
The European cross is once again meandering in a tight range while
global markets keep struggling to find direction, all against the
backdrop of a vacuum of releases in Europe, generalized lack of
volatility and markets closed in Germany.
Poor results from the Chinese economy over the weekend have removed
support for the risk-associated assets today, as Industrial Production
and Retail Sales have come in below expectations.
EUR/GBP key levels
The cross is now up 0.06% at 0.7875 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 0.7772 (100-day sma) would expose
0.7731 (low Apr.26) and finally 0.7505 (200-day sma).
