EUR/GBP Regains 0.7830 ahead of EMU GDP

EUR/GBP Regains 0.7830 ahead of EMU GDP

7 June 2016, 09:20
Roberto Jacobs

EUR/GBP Regains 0.7830 ahead of EMU GDP

After the ‘fat-finger’ move to the mid-0.7700s, EUR/GBP has quickly recovered and is now navigating the area of 0.7830 ahead of EMU data.

EUR/GBP attention to ‘Brexit’, data

The European cross keeps the bearish note today following a renewed bid tone around the sterling as opposed to the so far steady stance in the single currency. GBP found extra buying interest in response to latest poll results on the UK-EU Referendum, which showed the ‘Remain’ vote would be leading.

Ahead in the session, UK’s house prices tracked by Halifax is the only release across the Channel, while EMU’s final GDP figures for the first quarter are expected to show the economy has expanded 0.5% QoQ and 1.5% on an annualized basis.

EUR/GBP key levels

The cross is now losing 0.42% at 0.7830 and a breakdown of 0.7754 (low Jun.7) would open the door to 0.7745 (20-day sma) and finally 0.7562 (low May 25). On the flip side, the initial hurdle lines up at 0.7906 (high Jun.6) ahead of 0.7947 (high May 4) and then 0.8119 (2016 high Apr.7).


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