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EUR/GBP clinches highs near 0.7760

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The offered tone prevails around the sterling, allowing at the same time a rebound of EUR/GBP to the area of 0.7760, or session peaks.

    EUR/GBP stronger on GBP-selling

    GBP and EUR are running in opposite directions today, sending the European cross to the upper band of the range and extending the bounce off recent lows in the 0.7700 neighbourhood.

    Data wise in Euroland, EMU’s GDP figures showed the economy has expanded more than expected during Q4, while German Industrial Production has also surprised to the upside. On the GBP-side, BoE’s Carney argued that the pound could surely suffer if ‘Brexit’ materializes.

    EUR/GBP key levels

    The European cross is now up 0.46% at 0.7754 and a breakout of 0.7784 (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 0.7693 (38.2% Fibo of 0.7310-0.7931) ahead of 0.7688 (low Mar.2) and finally 0.7632 (55-day sma).
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