EUR/GBP drops further below 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP trimmed losses during the last hours but is consolidating below 0.7900. The pair started the day steady moving around 0.7900 but then turned to the downside and moved all day with a bearish bias.

    It bottomed after Wall Street opening bell at 0.7843, the lowest level in six days. Then it rebounded but it found resistance around 0.7870. Currently it trades at 0.7855/60, down 40 pips from yesterday’s closing price. EUR/GBP is retreating after hitting last week a 1-year high at 0.7946.

    The pound is among the top performers on Monday. GBP/USD is gaining more than 125 pips while GBP/CHF hit a 6-day high at 1.3911.

    EUR/GBP technical outlook

    Resistance levels might be located at 0.7870/75 (American session high), 0.7900/04 (daily high / psychological) and 0.7930/35 (March 23 high). On the downside, support levels might be found at 0.7843 (daily low), 0.7810/12 (Mar 22 low) and 0.7775 (Mar 18 low).
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