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EUR/GBP clocks fresh one-year high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone on the EUR strengthened in Asia on account of risk aversion, pushing the EUR/GBP pair to a fresh one-year high of 0.7740.

    Eyes UK wage growth data

    The data due today in the US is expected to show the wage growth slowed down significantly in December. This would add credence to Carney’s comments yesterday about moderating wages. Meanwhile, the employment numbers are seen largely unchanged.

    The common currency traders would also keep an eye on the European equities, which if follow Asian equities lower could help EUR gains further ground against the GBP.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7745 (Dec 2014 low) ahead of the major hurdle at 0.7789 (Nov 3, 2014 low). On the other hand, a dip below the immediate support at 0.7694 (Jan 15 high) shall open doors for a drop to 5-DMA at 0.7618.
    For more information, read our latest forex news.

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