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EUR/GBP dips below 0.76

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/GBP pair extended the drop in Europe to hit a session low of 0.7595 as the cable rose above 1.43 handle.

    GBP recovers along with European stocks

    Sterling is witnessing a technical correction as the European equities advanced despite the drop in oil prices to lowest since 2003. The slide in the GBP over the two weeks was accompanied by a risk-off mood in the equities.

    The risk aversion also led to carry unwind and rally in the EUR. Consequently, the cross rose to a one-year high, before weakening in Asia today. The pair now trades around 0.7600 levels.

    EUR/GBP Technical Levels

    A break below 0.76 handle could see the pair extend the drop to 0.7555 (Jan 11 high). On the other hand, a break above the immediate resistance at 0.7694 (Friday’s high) would open doors for a rise to 7714 (Jan 21 high).
    For more information, read our latest forex news.

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