Monday, October 12, 2015

EUR/GBP looking for direction above 0.7400

FXStreet (Edinburgh) - EUR/GBP is trading in a consolidative pattern on Monday, following the mood in the broader global markets.

EUR/GBP waiting for a catalyst

The European cross is looking to consolidate the recent breakout of the 0.7400 handle backed by a strong upside momentum in the single currency as of late.

However, today’s lack of volatility due to the inactivity in the US markets will leave markets mostly sidelined and to the mercy of the risk appetite trends, all ahead of tomorrow’s German and UK inflation figures.

EUR/GBP relevant levels

As of writing the cross is up 0.02% at 0.7418 with the next support at 0.7350 (up trend from September low) followed by 0.7293 (55-d sma) and then 0.7216 (200-d sma). On the other hand, a surpass of 0.7442 (high Oct.2) would expose 0.7483 (high May 7) and finally 0.7500 (psychological handle).
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