EUR/GBP challenges 2016 highs above 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The increasing offered tone around the sterling is allowing EUR/GBP to clinch fresh highs above the 0.7900 handle on Wednesday.

    EUR/GBP higher on ‘Brexit’ fears

    Renewed and intensified concerns over the likeliness of a ‘Brexit’ scenario following the June referendum in the UK have prompted GBP-sellers to step in, pushing the European cross to trade at shouting distance from YTD highs beyond 0.7930.

    The cross is advancing for the third consecutive session so far, after finding decent support in the 0.7770 area on Friday.

    EUR/GBP key levels

    The European cross is now up 0.35% at 0.7923 facing the next resistance at 0.7931 (2016 high Feb.25) and then 0.8000 (psychological handle). On the other hand, a breakdown of 0.7802 (20-day sma) would expose 0.7717 (55-day sma) and finally 0.7620 (50% Fibo of 0.7310-0.7931).
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