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EUR/GBP clocks 2-1/2 week high

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/GBP pair clocked a 2-1/2 week high of 0.7728 levels as the common currency remained relatively resilient compared to British Pound on account of the risk-off in Europe.

    Hovers around 0.7710

    As of writing, the pair traded around 0.7710 levels. EUR’s use as a funding currency over the last year or so came to its rescue against GBP and other risk currencies due to risk-off in the European markets. Consequently, the EUR/GBP ticked higher to 0.7728 before trimming gains to 0.7710 levels.

    Ahead in the day, the sentiment across the Wall Street could continue to guide the EUR/GBP cross.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7728 (daily high), above which prices could test 0.7755 (Jan 20 high). On the other hand, a break below 0.7661 (daily low) could send the pair lower to 0.7617 (5-DMA).
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