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EUR/GBP challenges highs near 0.7770

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bid tone around the single currency is pushing EUR/GBP higher at the beginning of the week, currently hovering over the 0.7770 area.

    EUR/GBP focus on risk trends

    The European cross is posting marginal gains on Monday following a positive start of the shared currency, which continues to recover some ground lost on Friday. The consolidative pattern seems to prevail in the cross for the time being, with a decent support around the 0.7700 handle and gains capped in the mid-0.7800s, or post-ECB tops.

    Nothing scheduled today in both the euro area and the UK will leave the cross to the mercy of the broader risk appetite trends, while market participants continue to adjust to the recent move by the ECB.

    EUR/GBP key levels

    The European cross is now up 0.11% at 0.7767 and a breakout of 0.7852 (post-ECB high Mar.10) would expose 0.7901 (high Feb.11) and then 0.7931 (2016 high Feb.25). On the flip side, the immediate support aligns at 0.7663 (55-day sma) followed by 0.7650 (post-ECB low Mar.10) and finally 0.7620 (50% Fibo of 0.7310-0.7931).
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