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EUR/GBP extends gains as pound consolidates losses

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP rose further during the American session and reached at 0.7860, the strongest level in two weeks. It was trading around 0.7850, a hundred pips above the level it closed yesterday.

    The pair soared on Tuesday amid Brexit fears after a poll showed results favoring the exit. The pound tumbled across the board and then failed to recover ground. While EUR/USD rose during the last hours and is flat for the day, GBP/USD remains around the lows, falling 1.05% for the day.

    EUR/GBP levels to watch

    EUR/GBP is consolidating above last week highs that lie at 0.7849. If it rises further it could find resistance at 0.7890 and then at 0.7925/30 (2016 highs). On the opposite direction, support levels now might lie at 0.7825 (American session low), 0.7810 (20-hour moving average) and 0.7735 (March 11 & 14 low).
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