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EUR/GBP breaking higher towards Thursday’s high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The cross in the EUR/GBP is seen on the bids, keeping range around the mid-point of 0.73 handle, mainly driven by broad euro strength amid light trading.

    EUR/GBP trades above all major DMAs

    Currently, the EUR/GBP pair trades 0.10% higher near fresh daily highs posted at 0.7358 last minutes. The cross defends mild gains largely due to the ongoing bullish momentum in the EUR/USD pair. While the pound treads water against the greenback on the back of holiday-thinned UK trading desks.

    Meanwhile, the shared currency remains buoyed across the board on the back of negative performance on the European stocks, which increases the bids for the traditional safe-haven in the euro.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7372 (Dec 24 High), above which it could extend gains to 0.7393/0.7400 (Dec 23 High/ round number). To the downside immediate support might be located at 0.7332 (10--DMA) below that at 0.7285 (20-DMA).
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