EUR/GBP Ssidelined Near 0.7740 ahead of ZEW
EUR/GBP is extending its weekly consolidative pattern around 0.7740 on Tuesday ahead of the ZEW Survey in Germany.
EUR/GBP focus on ZEW
The European cross continues to navigate the low-0.7700s today, unable
to gain further traction in response to the lack of catalysts in both
the shared currency and the sterling.
Ahead in the session, the only release of note will be the German/EMU
ZEW Survey, with consensus expecting the Economic Sentiment to have
improved a tad for the current month. Later in the Old Continent, the
Eurogroup meeting is also expected to kick in, although the FX impact
will likely be limited.
EUR/GBP key levels
The cross is now down 0.10% at 0.7739 facing the next hurdle at 0.7791
(100-day sma) followed by 0.7825 (20-day sma) and then 0.7947 (monthly
high May 4). On the flip side, a breach of 0.7647 (low May 19) would
expose 0.7523 (low Jan.22) and finally 0.7524 (200-day sma).
