EUR/GBP clinches highs around 0.7260

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The now better tone around the common currency is now lifting EUR/GBP to print daily highs near 0.7260.

    EUR/GBP firmer on GBP-weakness

    The sterling continues to give ground today, allowing the European cross to challenge post-ECB highs in the mid-0.7200s. Market participants have perceived today’s mixed results from the UK’s manufacturing and industrial sectors as negative, adding further downside pressure to GBP.

    On the data front EMU’s GDP figures during Q3 have come in as expected, while the NIESR GDP Estimate is due later in the UK docket.

    EUR/GBP levels to consider

    As of writing the cross is advancing 0.69% at 0.7256 and a surpass of 0.7299 (61.8% Fibo of 0.7496-0.6979) would aim for 0.7376 (high Oct.21) and then 0.7496 (monthly high Oct.13). On the other hand, the immediate support is located at 0.7101 (23.6% Fibo of 0.7496-0.6979) followed by 0.7000 (psychological level) and then 0.6979 (low Nov.18).
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