EUR/GBP clinches highs near 0.7250

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - A wave of buying interest around EUR is allowing EUR/GBP to advance to session tops in the mid-0.7200s.

    EUR/GBP boosted by EUR-buying

    The single currency has gathered further traction following recent comments by ECB officials, who have somewhat talked down the likeliness of the central bank announcing further easing measures at its meeting in December.

    The European cross has managed to strongly break above the consolidative range near 0.7200 the figure and advance to the 0.7245/50 band ahead of the FOMC gathering due later.

    EUR/GBP relevant levels

    As of writing the cross is up 0.35% at 0.7248 facing the next hurdle at 0.7281 (61.8% Fibo of 0.6935-0.7496) ahead of 0.7311 (55-day sma) and finally 0.7378 (high Oct.21). On the flip side, a break below 0.7149 (38.2% Fibo of 0.6935-0.7496) would expose 0.7100 (psychological level) and then 0.7067 (23.6% Fibo of 0.6935-0.7496).
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