EUR/GBP clinches highs above 0.7800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The increasing selling mood around the sterling is now lifting EUR/GBP back above the 0.7800 handle, or daily highs.

    EUR/GBP now targets 0.7850

    The European cross continues to edge higher today, prolonging the weekly upside for the second consecutive session and now targeting the area of recent peaks in the 0.7850 region.

    In the meantime, ‘Brexit’ jitters seem to have returned to the fore and keeps weighing on GBP sentiment for the time being. Ahead in the week, the British pound will take centre stage in light of the UK’s labour market figures (Wednesday) and the BoE MPC meeting on Thursday.

    EUR/GBP key levels

    The European cross is now up 0.72% at 0.7819 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 0.7693 (38.2% Fibo of 0.7310-0.7931) followed by 0.7664 (55-day sma) and finally 0.7650 (post-ECB low Mar.10).
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