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EUR/GBP inching higher, near 0.7170

FXStreet (Edinburgh) - EUR/GBP has recovered some ground after the violent drop to the 0.7140 area following yesterday’s FOMC meeting.

EUR/GBP now looks to UK, EMU data

The European cross has retreated to 2-month lows in the 0.7140 area on Wednesday, as the single currency has been hammered in response to the unexpected hawkish tone at the FOMC meeting.

Today’s docket presents quite interesting, with Spanish inflation figures and EMU’s Business Climate and Economic Sentiment. Across the Channel, Consumer Credit, Mortgage Approvals and M4 Money Supply will take centre stage.

EUR/GBP relevant levels

As of writing the cross is gaining 0.16% at 0.7168 facing the next hurdle at 0.7210 (50% Fibo of 0.6935-0.7496) followed by 0.7246 (200-day sma) and then 0.7254 (downtrend from 0.7496). On the flip side, a breach of 0.7100 (psychological level) would aim for 0.7067 (23.6% Fibo of 0.6935-0.7496) and finally 0.6934 (2015 low Jul.17).

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