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EUR/GBP dips below 0.79 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is trading below 0.79 handle after having clocked a 12-month high of 0.7946 levels on Thursday.

    Rises for third consecutive week

    The cross is poised to end higher for the third consecutive week as heightened Brexit fears and hawkish talk from Fed officials led to more than 400-pips drop in the GBP/USD pair. Meanwhile, EUR/USD pair remained resilient as ECB officials downplayed necessity do more easing.

    The spot is currently trading around 0.7897 levels; well above the weekly opening price of 0.7778 levels.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.7946 (previous day’s high), above which the pair could target 0.80 handle. On the other hand, acceptance below Feb 11 low of 0.7897 would open doors for a slide to 0.7864 (5-DMA).
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