EUR/GBP closer to 0.7800 ahead of UK data

By FXStreet The risk-off sentiment has been prevailing throughout the Asian session today. Sending EUR/GBP to the area of daily lows near 0.7800 the figure.

EUR/GBP eyes on UK releases

Both Sterling and the single currency are trading on the defensive today, prompting the European cross to retreat to the vicinity of May lows near the 0.7800 handle ahead of key data in the UK economy and the euro area.

In fact, UK’s labour market figures are due and consensus expects the Claimant Count Change to have increased by 4.3K in April, while the jobless rate is seen unchanged at 5.1%.

In Euroland, final CPI figures are expected to have contracted 0.2% on a year to April, matching preliminary readings.

EUR/GBP key levels

The cross is now losing 0.10% at 0.7815 facing the next support at 0.7801 (low May 17) ahead of 0.7774 (100-day sma) and finally 0.7731 (low Apr.26). On the other hand, a breakout of 0.7874 (55-day sma) would expose 0.7947 (high May 4) and then 0.7995 (high Apr.18).
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Source:: FX Street