EUR/GBP: consolidating downside pressures

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/GBP is currently trading at 0.7743 with a high of 0.7751 and a low of 0.7703.

    EUR/GBP is correcting the upside from the recent highs of 0.7927 and has made a low of 0.7690 in that move so far, scored yesterday, while today the cross is better bid against the trend. There were a number of releases in the EZ from retails sales to PMI's, but were mixed to positive, while the main noise around the price action comes with the Brexit fears. "Brexit is bad for growth and for the pound and for European stability and for the Euro," explained Kit Juckes, economist at Societe Generale.

    EUR/GBP levels

    Technically, EUR/GBP's recent high of 0.7927 was accompanied by a large divergence of the daily RSI and that resulted in a loss of upside momentum. On the downside, support is seen at 0.7627 and the 50 day ma around the 0.7630 short-term uptrend.
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