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EUR/GBP extends the drop to 0.7550

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP is now facing further downside pressure, testing session lows in the 0.7540 area.

    EUR/GBP lower on GBP-strength

    The buying interest around the sterling is growing bigger today, propped up by the auspicious result from UK’s Services PMI during January and a better sentiment towards the risk-associated assets.

    Data wise in Euroland, market participants have largely ignored the mixed results from Services PMIs, while EMU’s Retail Sales have expanded in line with consensus 0.3% from November to December.

    EUR/GBP key levels

    The European cross is now down 0.29% at 0.7550 facing the next support at 0.7481 (61.8% Fibo of 0.7310-0.7758) ahead of 0.7310 (low Jan.5) and finally 0.7247 (200-day sma). On the other hand, a break above 0.7756 (high Jan.20) would aim for 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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