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EUR/GBP extends gains as Stoxx 50 futures drop

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The risk-off in early Europe is favoring EUR, pushing the EUR/GBP cross to a daily high of 0.7657 levels.

    Trades above 4-hr 50-MA

    The trades well above the 50-MA on the 4-hr chart seen at 0.7627 levels. The common currency advanced as the risk-off in Asia and Europe triggered carry unwind. As of now, the Euro Stoxx 50 futures are down 0.70%, while the EUR/USD is up 0.15% and the GBP/USD is down 0.17%.

    Consequently, the EUR/GBP cross is up 0.33% around 0.7640. The pair remains at the mercy of the overall market sentiment, given the economic calendar is empty.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7627 (4-hr 50-MA), under which the pair could drop to 0.7600 levels. A break lower would expose 0.7573 (23.6% of 0.6981-0.7755). On the other hand, a break above 0.7664 (Jan 18 high) would open doors for a rally to 0.77, which if taken out could see the cross rally to 0.7755 (Jan 20 high).
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