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EUR/GBP deflates to 0.7840, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The now increasing buying interest around the sterling is sending EUR/GBP to the area of session lows near 0.7840.

    EUR/GBP lower on GBP-buying

    The European cross is navigating fresh 5-day lows around 0.7840 following a solid demand for the British pound, while sellers keep weighing on the single currency against the backdrop of rising risk-on sentiment in Euroland.

    In the data space, EMU’s M3 Money Supply has expanded 5.0% on a year to February, matching previous estimates. Ahead in the day, Yellen’s speech will grab all the attention, with consensus remains tilted towards a cautious tone.

    EUR/GBP key levels

    The European cross is now losing 0.06% at 0.7849 and a breakdown of 0.7819 (20-day sma) would expose 0.7752 (55-day sma) and then 0.7650 (post-ECB low Mar.10). On the other hand, the next hurdle lines up at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and finally 0.8041 (monthly high Nov.19 2014).
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