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EUR/GBP deflates from highs, near 0.7600

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/GBP has run out of steam in the 0.7620/25 band in early trade, now coming back to test the key support at 0.7600 the figure.

    EUR/GBP bid on EUR-strength

    The cross has recovered the positive territory above the 0.7600 mark today in response to a better tone surrounding the single currency, which has ignored mixed results from final manufacturing PMI prints in Euroland, all ahead of Draghi’s speech due later in Europe.

    Across the Channel, the sterling remains supported by a good reading from UK’s manufacturing PMI during last month and Mortgage Approvals, both coming in above expectations.

    EUR/GBP key levels

    The European cross is now up 0.08% at 0.7609 with the next hurdle at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7534 (50% Fibo of 0.7310-0.7758) would expose 0.7310 (low Jan.5) and finally 0.7246 (200-day sma).
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