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EUR/GBP bounces off 0.7460

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The better tone surrounding the British pound has dragged EUR/GBP to test session lows in the 0.7460 area, where it is now trying to pick up pace.

    EUR/GBP weaker on GBP-strength

    The sterling has managed to revert the initial weakness seen during the Asian trading hours, trimming part of the strong losses posted during last week and prompting the cross to put further distance with recent highs above 0.7550.

    Data wise in Euroland, Investor Confidence gauged by the Sentix index came in at 9.6 for the current month, missing initial forecasts and down from November’s 15.7.

    EUR/GBP levels to consider

    As of writing the cross is down 0.47% at 0.7483 facing the next support at 0.7367 (1-month uptrend) followed by 0.7265 (100-day sma) and finally 0.7214 (200-day sma). On the other hand, a breakout of 0.7595 (high Feb.3 2015) would expose 0.7715 (high Jan.21 2015) and then 0.7875 (2015 high Jan.6).
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