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EUR/GBP erases all gains, back below 0.7550

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP pulled back considerably today and is about to end the day in negative territory after making a reversal from 11-month highs.

    EUR/GBP down after BoE, amid risk appetite

    During the European session, the pair extended the rally of the previous two trading days and rose above 0.7600 for the first time since February of last year. It peaked at 0.7606 and then after the statement and the minutes of the Bank of England it started to decline.

    First it dropped to 0.7550 and then after a recovery of equities in Wall Street following a rally in crude oil prices, broke lower and extended the decline. It fell below previous lows and bottomed at 0.7520.

    It was trading at 0.7525/30, down 0.07% for the day. Despite the slide the euro continues to hold a bullish tone against the pound. The dominant trend still points to the upside; a daily close above 0.7550, could open the doors for more gains.
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