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EUR/GBP challenges highs near 0.7740

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is picking up further pace following the closing bell in Asia on Tuesday, eyeing the upper bound of the range near 0.7740.

    EUR/GBP focus on EMU releases, risk

    The European cross keeps navigating within a narrow range in the low-0.7700s for the time being, today managing to rebound from overnight troughs near 0.7710 following a strong pick up of the buying interest around the euro.

    Nothing noteworthy in the UK docket today, whereas EMU’s Q4 GDP figures will take centre stage this side of the Channel later in the European morning.

    EUR/GBP key levels

    The European cross is now up 0.22% at 0.7736 and a breakout of 0.7784 (20-day sma) would aim for 0.7931 (high Feb.25) and then 0.7977 (high Dec.1 2014). On the other hand, the immediate support aligns at 0.7693 (38.2% Fibo of 0.7310-0.7931) ahead of 0.7688 (low Mar.2) and finally 0.7632 (55-day sma).
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