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EUR/GBP decline halted near 0.7750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The daily pullback in EUR/GBP seems to have found support around the 0.7750 area so far.

    EUR/GBP lower on GBP-buying

    The better sentiment around riskier assets plus a solid performance from the British pound has been weighing on the European cross since early morning, prompting sellers to step in and drag the pair to multi-day troughs near 0.7750.

    Mixed results from manufacturing PMIs in Euroland and a disappointing figure from the UK’s PMI have been practically ignored by traders, leaving the cross to the mercy of the broader risk appetite trends.

    EUR/GBP key levels

    The European cross is now losing 0.51% at 0.7776 facing the next support at 0.7756 (2-month uptrend) ahead of 0.7523 (low Feb.3). On the flip side, a breakout of 0.7977 (high Dec.1 2014) would expose 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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