EUR/GBP regains 0.7300, EMU data eyed

By FXStreet FXStreet (Edinburgh) – The single currency is reclaiming part of yesterday’s sharp losses, allowing a rebound in EUR/GBP towards the 0.7300 neighbourhood.

EUR/GBP focus on EMU data, NFP

The European cross continues to recover part of the sharp pullback seen on Thursday, after the dovish tone from President Draghi sent the euro to the 0.7280 area vs. the pound, printing fresh weekly troughs at the same time.

In the data space, German Factory Orders contracted at a seasonally adjusted monthly pace of 1.4% during July, reverting June’s auspicious 2.0% advance. Ahead in the session, EMU’s GDP figures for the second quarter are due, followed by the more critical non-farm Payrolls in the US economy.

EUR/GBP key levels

At the moment the cross is up 0.22% at 0.7308 with the initial hurdle at 0.7376 (high Sep.3) followed by 0.7398 (high Sep.2) and finally 0.7423 (high Aug.24). On the other hand, a breakout of 0.7276 (low Sep.3) would expose 0.7259 (low Aug.28) and then 0.7091 (low Aug.20).
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Source:: FX Street