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EUR/GBP able to convince on 0.79 handle?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP is currently making further headway and has reached a high of 0.7924. Fundamentally, the cross has garnered support on pure sterling weakness due to the concerns over a Brexit.

    EUR/GBP started to recover last week from the lows of 0.7695, but accelerated the upside after the weekend news, on the open, when markets got a surprise backing of the out campaign from London's Mayor, Boris Johnson, who has also been tipped to become prime minister one of these days. This alarmed markets that a Brexit is a very real possibility and the extra air of caution sparked a sell-off in sterling.

    The euro, on the other hand, has not suffered the idea of Britain pulling out of the EUR yet, but is trading on fragile foundations nevertheless.

    EUR/GBP levels

    EUR/GBP accelerated the upside away from the 20 sma on the hourly chat that has caught up with the price in momentum slowing on the bid on the approach to the 0.79 handle. This is an area of supply with offers tucked in around 0.7920. We are also at the highest levels since 17th Dec 2015. The pivot is at 0.7835 with R2 of 0.7926 and R3 at 0.7984.
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