Forex: EUR/GBP waiting for Eurogroup Meeting, flat at 0.8 round

FXstreet.com (Barcelona) - EURGBP is currently consolidating right above previous weekly close Friday, around a tight 5-pip range 0.7999-0.8004 for last 5 hours, retracing from an early session high at 0.8008. Average volatility for the cross in daily range sits at 6-month lows area around 41 pips, coming in a down trend from highs at 89 pips 1 year ago.

With US markets closed Monday on Veterans Day, attention will focus on up coming Eurogroup Meetings to be held at Brussels all day long, as Greece recently passed 2013 budget with more austerity measures, though with the uncertainty if this will be enough to get next rescue tranche from lenders. According to German Fin Min Schaeuble cited on a German paper during the weekend, he doesn't believe Troika will have the reports EU officials have been waiting for, on time for today's meetings, as these full reports are crucial in order to extend more loans to Greece.

Immediate support to the downside for EURGBP shows at recent session/Nov 05-06 lows at 0.7986, followed by Nov 07 lows at 0.7971, and Thursday's/May 15 lows at 0.7960/55. To the upside, closest resistance shows at current levels as Oct 26/Nov 01 lows 0.8 round, followed by Nov 05 highs at 0.8012, and Oct 29 lows/Nov 06 highs at 0.8020/5.