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EUR/GBP clinches highs near 0.7740

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The recent strong appreciation of the sterling has forced EUR/GBP to surrender fresh multi-month highs and return to the 0.7700 neighbourhood.

    EUR/GBP focus on risk trends

    The European cross is now advancing for the second session in a row following the rejection of recent fresh cycle highs in the mid-0.7900s. The deep pullback in GBP seen in late February has somewhat reversed in the last couple of sessions, as ‘Brexit’ jitters seem to have taken the passenger’s seat at least for the time being.

    That, plus a modest recovery of the single currency has prompted the cross to find some support around 0.7700 the figure, where it is now looking to consolidate.

    EUR/GBP key levels

    The European cross is now up 0.12% at 0.7735 and a breakout of 0.7791 (20-day sma) would aim for 0.7931 (high Feb.25) and then 0.7977 (high Dec.1 2014). On the other hand, the immediate support aligns at 0.7688 (low Mar.2) ahead of 0.7612 (55-day sma) and finally 0.7523 (low Feb.3).
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