EUR/GBP dips to lows near 0.7970

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP continues to suffer the selling interest around the single currency, now testing daily lows in the 0.7970 area.

    EUR/GBP focus on risk trends, data

    The European cross is losing ground since last Friday, following the rejection from fresh cycle highs around 0.8120 in response to a renewed offered tone around the euro and a sharp rebound in the sterling after auspicious inflation figures in March.

    Ahead in the session, French and Spanish CPI results are due followed by EMU’s Industrial Production figures during February and a speech by ECB’s E.Nowotny.

    EUR/GBP key levels

    The cross is now losing 0.52% at 0.7967 facing the next support at 0.7939 (20-day sma) ahead of 0.7825 (low Mar.29) and then 0.7822 (55-day sma). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).
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