FxWirePro: EUR/GBP holds above 0.78 handle, focus on UK labour market data

EUR/GBP advances beyond 0.7800 ahead of UK labour market data, extending gains after solid performance of the shared currency overnight.

• Offered tone in the sterling extends higher ahead of the upcoming UK labour market data.
   
• Expectations are for the Claimant Count Change decreasing by 1.4K during January, while the jobless rate is expected to tick lower to 5.0% from 5.1% in the previous month.
   
• The risk-off trade seems to be back to the global markets at the end of the Asian session pushing higher the demand for EUR.
   
• Technicals indicate further upside, moving averages are biased higher, and so is the momentum as indicated by daily Stochs.
   
• 5-DMA at 0.7782 is immediate support on the downside, while 0.7850 (Feb 9th highs) is immediate resistance on the upside.
   

Recommendation: Buy dips around 0.7820, SL: 0.7780, TP: 0.7850/0.79