FXStreet (Edinburgh) – A bout of buying interest around the single currency has sent EUR/GBP to the area of session peaks near 0.7040.
EUR/GBP attention to UK GDP
Choppy week for the European cross so far, now looking to stabilize in the low-0.7000s after rebounding from recent dips to the 0.6980 area. With scarce volatility and thin trade persisting in the global markets, the cross will look to today’s releases in Euroland and the UK economy.
In fact, another revision of the UK’s Q3 GDP is due later, although consensus expects the economy to keep the preliminary readings at 0.5% QoQ and 2.3% YoY. Back to Europe, EMU’s Economic Sentiment and Business Climate are due ahead of the German Gfk Survey.
EUR/GBP important levels
As of writing the cross is up 0.23% at 0.7041 with the next resistance at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7192 (100-day sma) and finally 0.7207 (200-day sma). On the other hand, a breach of 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17).
(Market News Provided by FXstreet)