EUR/GBP advances to highs above 0.7600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The persistent offered tone in the sterling has boosted EUR/GBP to post session highs beyond the 0.7600 handle.

    EUR/GBP recovers the 0.7600 mark

    The cross has broken above the overnight consolidative pattern around 0.7570 and briefly tested the 0.7620 area following a slump in GBP during the European morning, all in response to a fresh bout of risk aversion.

    Absent releases in Euroland and the UK economy, the FOMC meeting is poised to drive the sentiment for the rest of the week, with market consensus expecting a cautious tone from today’s statement.

    EUR/GBP key levels

    The European cross is now up 0.44% at 0.7598 with the next resistance at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a break below 0.7527 (20-day sma) would aim for 0.7310 (low Jan.5) and finally 0.7326 (200-day sma).
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