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EUR/GBP clinches highs near 0.7630

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency us now picking up pace following the speech by ECB M.Draghi, lifting EUR/GBP to session highs near 0.7630.

    EUR/GBP stronger on Draghi

    The bid tone around the single currency has gathered further traction following the somewhat hawkish appreciations by President M.Draghi at his lecture in the SUERF conference today.

    Draghi has emphasized that events in the global economy are plotting against a lower inflation, while this global scenario of disinflation should not prompt central banks to resign their mandates.

    EUR/GBP key levels

    The European cross is now up 0.05% at 0.7613 and a break above 0.7756 (high Jan.20) would aim for 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, the next down barrier lines up at 0.7481 (61.8% Fibo of 0.7310-0.7758) ahead of 0.7310 (low Jan.5) and finally 0.7249 (200-day sma).

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