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EUR/GBP clinches 0.7800, session tops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The now better tone surrounding the common currency is giving extra wings to EUR/GBP, managing to retake the 0.7800 and advance to session highs.

    EUR/GBP firmer on GBP-selling

    The cross is picking up further pace bolstered by the apparent return of the risk aversion to the global markets following a correction lower in crude oil prices. In the same direction, the demand for the sterling remains subdued, capping the upside and opening the door for further pullbacks.

    Ahead in the day, Current Account figures in the euro area will precede the ECB Accounts from the January meeting. Next on tap across the Channel will be January’s Retail Sales and Public Sector finances, all due tomorrow.

    EUR/GBP key levels

    The European cross is now up 0.21% at 0.7806 facing the next hurdle at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7689 (20-day sma) would aim for 0.7651 (2-month uptrend) and finally 0.7523 (low Feb.3).
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