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EUR/GBP drops to 0.77 in delayed reaction to Draghi

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency depreciated further in a slightly delayed reaction to Draghi’s comments, pushing the EUR/GBP cross to a new session low of 0.7679.

    At one-week low

    The spot currently sits at its lowest since Feb 8. The immediate reaction to Draghi’s comments was dull, since the President did not offer any major surprises. However, the markets ditched EUR in a delayed reaction to Draghi’s dovish comments.

    The cross failed to take out 0.7755 (Jan 20 high) earlier today after the equity markets in Asia and across Europe advanced.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7666 (Jan 27 high), which if taken out shall open doors for a drop to 0.7547 (23.6% of 0.6981-0.7897). On the other hand, a break above 0.7755 (Jan 20 high) could see the cross revisit 0.7819 (Feb 10 high).
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