EUR/GBP: Bulls making headway towards 0.7800

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Having halted its post-ECB correction on Friday, the EUR/GBP cross resumes its upward momentum for the second straight session this Tuesday mainly on broad GBP weakness.

    EUR/GBP supported at 0.7770

    Currently, the EUR/GBP pair rises 0.20% to 0.7782, wavering within a striking distance of session highs printed at 0.7780. The bid tone around the EUR/GBP cross continues to strengthen further as we progress towards the early European trades, largely driven by persisting weakness in the GBP/USD pair amid renewed oil price sell-off.

    While the EUR/USD pair trades almost unchanged and has little impact on the cross as focus now remains on the US dataflow for fresh incentives amid a data-quiet EUR calendar today.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7800/08 (round number/ daily R2), above which it could extend gains to 0.7851/52 (Mar 11 & 10 High). To the downside immediate support might be located at 0.7757/48 (10-DMA/ 1h 200-SMA) below that at 0.7707 (50-DMA).
    For more information, read our latest forex news.

Share This Page

free forex signals