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EUR/GBP toying with 0.7200 ahead of IFO

FXStreet (Edinburgh) - EUR/GBP is extending its recovery from the 0.7170 area, managing to clinch the critical barrier at 0.7200 ahead of the European open.

EUR/GBP capped by the 100-day sma at 0.7210

The upside has been so far rejected at the 0.7210/15 band, where sits the 100-day sma, in a context where market participants remain cautious following last week’s events.

On the data front, the German IFO indicator will be the main highlight in the euro area, while BBA’s Mortgage Approvals and Industrial Trends Survey by CBI are due across the Channel.

EUR/GBP relevant levels

As of writing the cross is up 0.15% at 0.7206 facing the next support 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 other hand, a breakout of 0.7250 (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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