Tuesday, September 29, 2015

EUR/GBP extends beyond 0.7400, UK data eyed

FXStreet (Edinburgh) - The upbeat tone in the single currency has helped EUR/GBP to break above the 0.7400 handle once again, currently around 0.7430, or session tops.

EUR/GBP focus on UK, EMU data

The cross keeps the buoyant tone during the first half of the week, extending the upside for the second week in a row and looking to challenge May peaks in the 0.7480 area.

Ahead in the session, Mortgage Approvals and Consumer Credit will take centre stage in the UK docket, followed by EMU’s confidence and sentiment gauges and German preliminary inflation figures for the current month.

EUR/GBP relevant levels

As of writing the cross is up 0.21% at 0.7426 with the next resistance at 0.7449 (high May 6) followed by 0.7483 (high May 7) and finally 0.7500 (psychological level). On the other hand, a break below 0.7403 (low Sep.29) would open the door to 0.7335 (low Sep.28) and then 0.7303 (low Sep.25).
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