Forex: EUR/GBP capped below 0.8080 ahead of UK jobs data

FXstreet.com (Barcelona) - While GBPUSD is up +0.44% for the week, and EURUSD is +0.59%, and thus EURGBP has been correcting higher so far this week, last 15 hours the cross has not moved at all, quoting at same price was doing before NY opened Tuesday, at 0.8069 last. Session high has been 0.8074, and lows at 0.8066, which counts for 8 pips in last 8 hours, most of the time in the 4 pip 0.8073/69 spread.

Although market attention will mainly focus on US FOMC statement at 17:30 GMT, the UK will deliver Claimant count change at 09:30 GMT, expected to come slightly better than previous, with estimations around the 5.9k, and an increase of the rate from 7.8% to 7.9%, which could bring some intraday volatility to the cross, that averages 35 pips per day on its daily range, at multi-year lows, once it has found support at the 200 day SMA around 0.8050.

Immediate resistance to the upside for EURGBP shows at 0.8077, yesterday's highs and 38.2% Fibo retrace of latest leg down 0.8150/0.8034, followed by Nov 28 highs and 50% of same leg down at 0.8091, and past Tuesday Dec 04 lows/Nov 23 highs/61.8% of same move at 0.8100/08. To the downside, closest support lies at Thursday's/recent session lows 0.8065, followed by Nov 20 highs/200 day SMA at 0.8050/1, and Monday's double weekly low at 0.8034.