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EUR/GBP clocks fresh one-year high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/GBP cross rose to a fresh one-year high of 0.7787 levels as the British Pound failed to strengthen despite drop in the UK trade deficit figures.

    Up for fifth consecutive session

    The cross is up for the fifth consecutive session today. The British Pound has been offered due to risk aversion as financial instability means less prospects of a BOE rate hike. On the other hand, carry unwind triggered by risk-off kept the bid tone around EUR intact.

    At the moment, the pair is trading around 0.7780 levels; up 0.30% on the day. Ahead in the day, the sentiment on the Wall Street could influence the pair.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.78, which it taken out shall open doors for a rally to 0.7850 (50% of July 2013 high-July 2015 low). On the other hand, a break below 0.7755 (Jan 20 high) would open doors for a drop to 0.77 levels.
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