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EUR/GBP challenges resistance at 0.7845

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP advanced sharply on Monday as the pound weakened and is among the worst performers in the FX space after fears of a Brexit returned.

    Following EU summit in Brussels, UK Prime Minister David Cameron has scheduled a referendum for June 23rd for Britons to decide whether they wish to remain in or leave the European Union.

    EUR/GBP broke above the 0.78 mark during the European session and reached its highest level in 5 days at 0.7843, before finding resistance roughly at the same level it did last week. At time of writing, the pair is trading at 0.7826, still up 1.14% on the day.

    EUR/GBP levels to watch

    In terms of technical levels, EUR/GBP could find next resistances at 0.7844 (Feb 17 high), 0.7897 (Feb 11 high) and 0.7925 (Dec 18 2014 high). On the flip side, supports are seen at 0.7766 (Feb 22 low), 0.7701/00 (20-day SMA/psychological level) and 0.7660 (Feb 8 low).
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