Wednesday, October 28, 2015

EUR/GBP keeps the narrow trade near 0.7200

FXStreet (Edinburgh) - The recent flat performance of both the sterling and the single currency has confined EUR/GBP to trade in a tight 50-pip range so far this week.

EUR/GBP focus on FOMC

Absent relevant releases in the euro area and in the UK economy, the cross would surely remain sidelined ahead of the FOMC gathering due this evening in Europe.

Market expectations of the Federal Reserve announcing higher rates today are almost non-existent, although investors will remain vigilant on the Committee’s stance regarding a lift-off in December.

EUR/GBP relevant levels

As of writing the cross is losing 0.20% at 0.7207 facing the next hurdle at 0.7149 (38.2% Fibo of 0.6935-0.7496) ahead of 0.7100 (psychological level) and then 0.7067 (23.6% Fibo of 0.6935-0.7496). On the flip side, a surpass of 0.7246 (200-day sma) would open the door to 0.7281 (61.8% Fibo of 0.6935-0.7496) and finally 0.7378 (high Oct.21).
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