EUR/GBP More Rangebound Below 0.7900

EUR/GBP More Rangebound Below 0.7900

16 May 2016, 08:25
Roberto Jacobs

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).


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