Draghi has no effect on EUR/GBP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Draghi, in his testimony, assured markets to do more if required, but the assurance had a little impact on EUR/GBP, which trades largely unaffected around 0.7225 levels.

    Stays below hourly 200-MA

    The cross currently sits below the hourly 200-MA located at 0.7730. The pair has been restricted to a narrow range of 0.7745-0.7715 since early European session. Draghi’s introductory statement at his testimony offered no surprises to the markets.

    Consequently, the traders had little reasons to offer the Euro. With US markets closed for the day, the trading activity could dip.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.77 handle, which if taken out shall open doors for a drop to 0.7666 (Jan 27 high). On the other hand, a break above 0.7755 (Jan 20 high) could see the cross revisit 0.7819 (Feb 10 high).
    For more information, read our latest forex news.

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