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EUR/GBP muted post-UK data

FXStreet (Edinburgh) - The sterling showed no surprise on Friday after the UK external sector releases, with EUR/GBP hovering over the upper 0.7800s.

EUR/GBP keeps the bullish tone near 0.7900

The cross remained indifferent after the trade deficit in the British economy shrunk to £9.099 billion in August, bettering expectations and coming down from July’s £10.414 billion deficit. Next of note will be the CB Leading Economic index (0.1% prev.). The cross is trading on a positive note, now advancing for the fifth consecutive session bolstered by the recent improvement in risk appetite. In the view of Dmytro Bondar, Technical Analyst at RBS, “Near term we are likely to see resistance at 0.7951 and 0.8066. Should the 0.7770 level be broken, further downside to 0.7556 onto 0.7389 and 0.7222 would be expected”.

EUR/GBP levels to consider

At the moment the cross is up 0.11% at 0.7884 and a surpass of 0.7900 (high Oct.8) would aim for 0.7915 (high Sep.18) and finally 0.7916 (50% of 0.8066-0.7767). On the downside, the immediate support aligns at 0.7856 (low Oct.9) followed by 0.7846 (10-d MA) and then 0.7837 (low Oct.7).

GBP/USD didn’t notice good Trade data

GBP/USD kept moving lower before the release of the UK data sliding to 1.6050, and moved just five pips higher post the report.
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UK: Goods Trade deficit narrows more than expected in August

UK Goods Trade deficit narrowed to £-9.099B in August from £-10.414B in July, according to data released today by National Statistics. Analysts expected the deficit to narrow to £-9.600B.
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