FxWirePro: EUR/GBP trades a narrow range, focus on UK CPI data

14 September 2016, 01:26
Eko Rediantoro
0
19

  • EUR/GBP confined to a narrow range in the Asian session.
     
  • Price action within daily cloud, with cloud top offering strong resistance.
     
  • Cautious tone prevalent in the markets, as all eyes remain focused on the UK inflation report.
     
  • Major support levels -     0.84, 0.8392 (55-EMA), 0.8372 (Sept 7 low)
     
  • Major resistance levels - 0.8442 (5-DMA), 0.8484 (double top Sept 9, 12), 0.85 (20-DMA & trendline)
     
  • GBP remains subdued, EUR/GBP attempting breach above cloud top after German CPI meets forecasts.

Recommendation: Long EUR/GBP breakout above cloud top (0.8433), SL: 0.8390, TP: 0.8484/ 0.85
 


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